BULLETIN

SEPTEMBER2020

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

Produced and Published by
B U L L E T I N
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Bureau of the Fiscal Service, Central Accounting and Reporting Division. Statistical data is 

compiled from sources within Treasury departmental offices and bureaus, as well as various 

other Federal program agencies. 

The publication staff can be reached by electronic mail. 

treasury.bulletin@fiscal.treasury.gov 

Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF 

format through the Bureau of Fiscal Service’s home page. 

www.fiscal.treasury.gov/
September 2020 

Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

Analysis—Summary of Economic Indicators ........................................................................................................................ 3

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................... 9 

Analysis—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source ....................... 10 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 12 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 12 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 13 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 14 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 16 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 18

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 19 

FD-1—Summary of Federal Debt ....................................................................................................................................... 20 

FD-2—Debt Held by the Public .......................................................................................................................................... 21 

FD-3—Government Account Series .................................................................................................................................... 22 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 23 

FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 24 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 25 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 26

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 28 

TREASURY FINANCING ................................................................................................................................................. 28 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 44 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 45 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 48 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 49 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 50

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 51 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 51 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 52

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 55 
September 2020

IV

Table of Contents

SECTION I—Canadian Dollar Positions

FCP-I-1—Weekly Report of Major Market Participants..................................................................................................... 56

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 57

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 57

SECTION II—Japanese Yen Positions

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 58

FCP-II-2—Monthly Report of Major Market Participants.................................................................................................. 59

FCP-II-3—Quarterly Report of Large Market Participants................................................................................................. 59

SECTION III—Swiss Franc Positions

FCP-III-1—Weekly Report of Major Market Participants.................................................................................................. 60

FCP-III-2—Monthly Report of Major Market Participants................................................................................................. 61

FCP-III-3—Quarterly Report of Large Market Participants................................................................................................ 61

SECTION IV—Sterling Positions

FCP-IV-1—Weekly Report of Major Market Participants.................................................................................................. 62

FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 63

FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 63

SECTION V—U.S. Dollar Positions

FCP-V-1—Weekly Report of Major Market Participants................................................................................................... 64

FCP-V-2—Monthly Report of Major Market Participants.................................................................................................. 65

FCP-V-3—Quarterly Report of Large Market Participants................................................................................................. 65

SECTION VI—Euro Positions

FCP-VI-1—Weekly Report of Major Market Participants.................................................................................................. 66

FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 67

FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 67

EXCHANGE STABILIZATION FUND

Introduction—Exchange Stabilization Fund........................................................................................................................ 68

ESF-1—Balance Sheet ........................................................................................................................................................ 69

ESF-2—Income and Expense.............................................................................................................................................. 70

SPECIAL REPORTS

TRUST FUNDS

Introduction—Highway Trust Fund .................................................................................................................................... 73

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 73

GLOSSARY ........................................................................................................................................................................ 75

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to 

rounding; n.a. = Not available.
V

September 2020

Nonquarterly Tables and Reports

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports

are listed below along with the issues in which they appear.

Issues

March June Sept. Dec.

Federal Fiscal Operations

FFO-5.—Internal Revenue Receipts by State................................................................................................. √

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees 

by Districts and Ports..................................................................................................................... √

Special Reports

Financial Report of the United States Government excerpt................................................................ √ ............

Trust Fund Reports:

Agriculture Disaster Relief Trust Fund................................................................................................ √ ...

Airport and Airway Trust Fund ................................................................................................ √ ..............

Black Lung Disability Trust Fund................................................................................................ √ ...........

Harbor Maintenance Trust Fund................................................................................................ √ .............

Hazardous Substance Superfund................................................................................................ √ .............

Highway Trust Fund ............................................................................................................................... √

Inland Waterways Trust Fund................................................................................................ √ .................

Leaking Underground Storage Tank Trust Fund ................................................................ √ ....................

Nuclear Waste Fund................................................................................................................................ √

Oil Spill Liability Trust Fund................................................................................................ √ ..................

Patient Centered Outcomes Research Trust Fund................................................................ √ ...................

Reforestation Trust Fund ................................................................................................ √ ........................

Sport Fish Restoration and Boating Trust Fund................................................................ √ ......................

United States Victims of State Sponsored Terrorism Fund ................................................................ √ ....

Uranium Enrichment Decontamination and Decommissioning Fund................................ √ .....................

Vaccine Injury Compensation Trust Fund ................................................................√..............................

Wool Research, Development, and Promotion Trust Fund................................................................ √ .....

O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations 

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation

September 2020 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of August 18, 2020 

Introduction 

 The United States began 2020 with robust labor markets 

and solid economic growth. In January and February, 

nonfarm payroll employment rose an average of 232,500 per 

month, the unemployment rate hovered near the five-decade 

low of 3.5 percent, and the labor force participation rate 

reached a six-year high of 63.4 percent. Given monthly data 

for January and February, real GDP was on track to maintain 

a steady pace of growth. However, in March, SARS-CoV-2 

(COVID-19) began to emerge in the U.S. and spread 

quickly. State and local governments implemented various 

restrictions to slow its spread and mitigate its impact. Stayat-home orders, closures of non-essential businesses, travel 

advisories, and other measures contributed to an historically 

sharp contraction, and the longest expansion on record ended 

in February 2020 at 128 months. 

 The shutdown measures to help “flatten the curve” of 

new cases of COVID-19 also took an enormous toll on 

economic activity. Widespread business closures and 

declining aggregate demand led firms to shed a cumulative 

22 million jobs in March and April. The unemployment rate 

peaked at 14.7 percent – a post-WWII high – and the labor 

force participation rate fell to 60.2 percent, the lowest level 

since January 1973. Real GDP decreased 5.0 percent at an 

annual rate in the first quarter, and the contraction sharpened 

to 32.9 percent in the second quarter, the most severe 

downturn on record. By July, however, the unemployment 

rate had declined to 10.2 percent and labor force 

participation rates had rebounded moderately. 

 The U.S. government responded quickly to the economic 

shock with unprecedentedly bold policy to support American 

households and small businesses during the pandemic. Just 

two weeks after the first stay-at-home orders were issued, 

Congress had authorized three record-setting economic aid 

packages totaling roughly $2.7 trillion, and the 

Administration rapidly implemented the various measures – 

including Economic Impact Payments, expanded eligibility 

for unemployment insurance benefits, and the Paycheck 

Protection Program. 

 Due to the government’s robust response and the 

relaxation of stay-at-home orders, the economy started to 

recover in May after just two months of contraction. In 

particular, the labor market began to recover faster than 

private forecasters had expected. By July, 42 percent of the 

jobs lost had been recovered. By this metric, this is the 

strongest recovery from a major recession since 1939, when 

the government started reporting payroll employment data. 

Likewise, other monthly data – such as retail sales and home 

sales – have signaled that a decisive rebound started in May 

and has continued. 

Growth of Real GDP (Quarterly percent change at annual rate) 

Economic Growth 

 Following a 5.0 percent annualized decline in the first 

quarter, real GDP dropped 32.9 percent at an annual rate in 

the second quarter as the effects of the pandemic and 

counteractive measures intensified. All components of GDP 

– with the exceptions of government spending and net

exports – saw unusually large, though temporary, drops in

activity. Private domestic final purchases – the sum of

personal consumption, business fixed investment, and

residential investment – fell 33.7 percent in the second

quarter, after declining by 5.8 percent in the first quarter.

 The social distancing measures implemented in midMarch, which included the temporary closure of many brickand-mortar stores, remained in place through part of the 

second quarter and continued to weigh on purchases of 

durable goods and services. Real consumer spending 

dropped 34.6 percent at an annual rate in the second quarter, 

after falling by 6.9 percent in the first quarter. Although 

purchases of durable goods – a category that includes motor 

vehicles, household equipment and furnishings, among other 

items – declined 1.4 percent in the second quarter, the pace 

lessened from the 12.5 percent drop in the first quarter. 

Purchases of nondurable goods – such as food and beverages 

purchased for off-premises consumption, gasoline and other 
4 PROFILE OF THE ECONOMY 

September 2020 

energy goods, clothing, footwear, and other goods – declined 

by 15.9 percent in the second quarter, after growing by 7.1 

percent in the first quarter. But the brunt of stay-at-home 

orders and closure of many businesses significantly 

restricted household spending at service sector businesses, 

such as eating at restaurants, traveling, and attending 

concerts, among others. Spending on services plunged 43.5 

percent in the second quarter, after declining by 9.8 percent 

in the first quarter. Overall, real personal consumption 

expenditures subtracted 25.1 percentage points from second 

quarter growth, posing the largest drag of any GDP 

component, after subtracting 4.8 percentage points from 

growth in the first quarter. That being said, the reopening of 

many businesses in mid-May boosted sales across a variety 

of spending categories, and that activity has been reflected in 

the recovery of monthly measures of consumption. For 

example, retail sales have fully recovered to their preCOVID levels and were even up 1.7 percent from February. 

 As of the second quarter, total business fixed investment 

has constrained GDP growth for three consecutive quarters. 

Drag in previous quarters had multiple causes: slowing 

international growth, policy uncertainty, and persistently low 

oil prices, as well as company-specific difficulties (such as 

at Boeing and GM). In the second quarter, business 

investment declined 27.0 percent at an annual rate, mainly 

reflecting sharp pullbacks in spending on equipment and 

structures and following a 6.7 percent retreat in the first 

quarter. Equipment investment plunged 37.7 percent as 

most categories – other than information processing 

equipment – contracted. Spending on structures dropped 

34.9 percent; disinvestment was broad-based but especially 

notable in mining, which fell 77.8 percent as historically low 

oil prices made wells unprofitable. Meanwhile, expenditures 

on intellectual property products (IPP) declined 7.2 percent 

in the second quarter, after contributing to GDP growth in 

every quarter since early 2015; the loss was heavily 

concentrated in research and development as well as 

business spending on entertainment as well as literary and 

artistic originals. Overall, business fixed investment 

subtracted 3.6 percentage points from real GDP growth in 

the second quarter, following a 0.9 percentage point 

subtraction in the first quarter. 

 The change in private inventories, a volatile component, 

subtracted 4.0 percentage points from economic growth in 

the second quarter of 2020, after subtracting 1.3 percentage 

points in the first quarter. The pandemic reduced production 

at many factories and forced businesses to draw down 

inventories. 

 From the third quarter of 2019 to the first quarter of 2020, 

residential investment was a bright spot in the economy, but 

the pandemic hindered construction in March and early in 

the second quarter, which caused a sharp decline in this 

component of GDP for the second quarter. After surging by 

19.0 percent in the first quarter, residential investment 

dropped 38.7 percent in the second quarter. Residential 

investment added 0.7 percentage point to GDP in the first 

quarter, its largest contribution to growth since the second 

quarter of 2004, but it subtracted 1.8 percentage points from 

growth in the second quarter of 2020, as the effects of the 

COVID-19 pandemic initially outweighed the support of 

record-low mortgage rates. Nonetheless, those effects have 

been temporary, with evidence that the housing sector has 

been recovering since May. Total housing starts, as well as 

total permits, have grown strongly since April starts have 

jumped 60.2 percent in the last three months and permits – a 

leading indicator for starts – were up 40.2 percent. Demand 

for homes has rebounded as well. Existing home sales, 

which account for 90 percent of all home sales, grew 20.1 

percent in June, moving back towards the 13-year high in 

February, but still 11.3 percent lower over the past year. 

Furthermore, a robust pending home sales reading in June – 

an indicator which leads existing home sales by 1 to 2 

months – portends that recovery of home sales activity 

should persist in the near-term. New single-family home 

sales advanced 13.8 percent in June, after a 19.4 percent 

surge in May; sales of new homes exceeded even January’s 

12-year high and registered strong growth of 6.9 percent

over the past year. In August, the National Association of

Home Builder’s home builder confidence index rose to its

highest level since December 1998. Housing affordability

has been supported by slowing home price growth rates and

record-low mortgage rates. Average rates for 30-year

mortgages are now nearly 2 percentage points below levels

in mid-November 2018.

Government spending advanced 2.7 percent at an annual 

rate in the second quarter, following growth of 1.3 percent in 

the previous quarter. Federal spending surged 17.4 percent 

in the second quarter, reflecting implementation of the 

Coronavirus Aid, Relief, and Economic Security (CARES) 

Act – which was passed at the end of March, just two weeks 

after the first stay-at-home orders were issued. Meanwhile, 

state and local governments curbed their spending by 

5.6 percent in the second quarter. Even so, total government 

spending made the largest contribution to second quarter 

GDP growth, adding 0.8 percentage point. For its part, the 

federal government added 1.2 percentage points. 

The net export deficit declined $7.3 billion during the 

second quarter to $780.7 billion, as both exports and imports 

plunged. Total exports of goods and services dropped by 

64.1 percent, while imports fell by 53.4 percent. The 

narrowing of the trade deficit added 0.7 percentage point to 

second quarter GDP growth, after contributing 

1.1 percentage points to economic growth in the first quarter. 

Labor Markets and Wages 

 Although the economy’s sudden downturn resulted in a 

loss of nearly 22 million jobs over March and April, payroll 

job growth resumed in May, much earlier than expected. 

Over May, June, and July, employers added a total of 

9.3 million payroll jobs, recovering 42 percent of what was 
PROFILE OF THE ECONOMY 5 

September 2020 

lost in March and April. In sharp contrast with the 2008-09 

recession (the “Great Recession”), the U.S. economy did not 

start adding payroll jobs until early 2010, some seven 

months after the recession officially ended. 

 Meanwhile, the headline unemployment rate – which 

stood at a half-century low of 3.5 percent in February 2020 -

- rose rapidly and reached a post-World War II high of 14.7 

percent in April but has since declined to 10.2 percent as of 

July. Significantly, the vast majority of those unemployed 

since the onset of the pandemic identify themselves as 

“temporarily laid off.” Again, the latest labor market 

recovery has significantly outpaced the last recession. After 

the end of the Great Recession, the unemployment rate 

continued to rise and did not peak until four months after the 

trough. 

 Likewise, the headline labor force participation rate 

(LFPR) – as well as prime-age (ages 25-54) LFPR –reached 

multi-year highs earlier in the year, before declining to 

multi-year lows in April. Yet as of July, LFPRs had 

bounced back. Specifically, the headline LFPR had 

rebounded to 61.4 percent, 2 percentage points below the 

six-year high seen in February, and the prime-age LFPR had 

recovered to 81.3 percent, about 1.8 percentage points below 

January’s eleven-year high. 

 As of July, nominal average hourly earnings for 

production and nonsupervisory workers have grown above 3 

percent for 24 consecutive months, a record not seen in 

thirteen years. However, recent readings may have been 

unduly elevated as the furloughing of lower wage workers 

has boosted the average. The rapid return of some of these 

workers has pulled the average wage a bit lower: nominal 

average hourly earnings for production and nonsupervisory 

workers were up by 4.6 percent over the year through July 

2020, slowing from 6.6 percent in May, and 7.7 percent in 

April at the depth of the recession. In real terms, earnings 

growth also accelerated as intermittent deflationary forces 

emerged early in the pandemic. Real average hourly 

earnings rose 7.6 percent over the year through April 2020, 

but by July 2020, the twelve-month rate had slowed to 3.6 

percent. Another measure, the Employment Cost Index 

(ECI), provides perspective on growth of the main 

components of compensation. Private wages and salaries 

growth were 2.9 percent over the year through June 2020, 

roughly in line with the 3.0 percent advance of a year earlier. 

This measure had held at or above 3.0 for the previous seven 

quarters, a trend not seen since late 2006 and early 2007. 

Payroll Employment 

(Average monthly change in thousands) 

Nonfarm Productivity of Labor

 For the thirteen quarters through 2019 Q4, four-quarter 

nonfarm labor productivity growth rates remained above 1 

percent, a consistency not seen since 2004. However, with 

the sudden collapse in output in March 2020 productivity 

growth declined 0.3 percent at an annual rate in Q1. Over 

the four quarters through 2020 Q1, growth slowed to 0.9 

percent - the first year-over-year reading below 1 percent 

since 2016 Q3. Productivity growth then surged by 7.3 

percent at an annual rate in the second quarter, as a 38.9 

percent drop in output was offset by a 43.0 percent decline 

in worker hours. Over the four quarters through 2020 Q2, 

productivity growth accelerated to 2.2 percent from a 1.7 

percent pace over the four quarters through 2019 Q2. 

 Nominal hourly compensation costs in the nonfarm 

business sector rose 20.4 percent at an annual rate in the 

second quarter, following the first quarter’s 9.4 percent pace. 

Over the most recent four quarters, hourly compensation 

costs rose 8.0 percent, nearly double the 4.2 percent, yearearlier pace. Unit labor costs, defined as the average cost of 

labor per unit of output, grew 12.2 percent in the second 

quarter, after climbing 9.8 percent in the first quarter. These 

costs were up 5.7 percent over the most recent four quarters, 

more than double the 2.4 percent, year-earlier advance. 
6 PROFILE OF THE ECONOMY 

September 2020 

Unemployment Rate 

(Percent) 

Industrial Production, Manufacturing and 

Services 

 Due to the pandemic, measures of industrial production, 

manufacturing, and services output began declining in 

March and fell further in April. A quick recovery began in 

May as social distancing measures and stay-at-home orders 

were relaxed. From May to July, industrial output at 

factories, mines, and utilities was up a combined 9.8 percent. 

However, over the 12 months ending in July, output was 

down 8.2 percent, and was still 8.4 percent lower than prepandemic levels. 

 Manufacturing production, which accounts for about 75 

percent of all industrial output, increased 3.4 percent in July 

but was still down 8.0 percent from February. Production at 

motor vehicles and parts factories jumped 28.3 percent, 

following two months in which output had more than 

doubled. As of July, automotive output was only 0.3 percent 

below pre-pandemic levels but was 1.4 percent lower over 

the year. Meanwhile, manufacturing output at select hightechnology factors increased 1.6 percent in July and was 

4.6 percent higher than before the pandemic. Excluding 

motor vehicles and parts and high-technology industries, 

manufacturing output rose 1.6 percent in July, but this 

measure was 8.6 percent lower over the past year. 

 Output at mines, which includes crude oil and natural gas 

extraction and accounts for 15 percent of industrial output, 

edged up 0.8 percent in July, the first increase since January. 

Despite the monthly increase, mining output was down 

17.0 percent over the year, due in part to low energy prices. 

 Utilities output, the remaining 10 percent of total 

industrial output, grew 3.3 percent in July. Weather is 

usually a factor contributing to swings in this sector; 

unseasonable weather in months often causes sharp swings 

in output from one period to the next. Over the 12 months 

through July, utilities production rose 0.6 percent. 

 After dropping sharply in March and April, other 

measures of manufacturing and services production in the 

economy have recovered sufficiently to signal expansion 

again. Since August 2019, the Institute of Supply 

Management’s (ISM) manufacturing index had been below, 

or marginally above, the 50-point growth threshold. 

However due to the pandemic, the ISM index signaled the 

first multi-month contraction for the manufacturing sector 

since early 2016. By April 2020, this index had dropped to 

an eleven-year low, but it had risen to 54.2 as of July, 

indicating expansion in this sector. In the service sector, the 

ISM’s non-manufacturing index had remained consistently 

above the growth threshold since February 2010, but by 

April, had dropped to its lowest level since March 2009. By 

July, however, the non-manufacturing index had risen to 

58.1, moving well above pre-pandemic levels to signal 

expansion. 

Prices 

 Deflationary pressures emerged in March, partly 

reflecting the preventative measures implemented to limit 

the spread of the COVID-19 virus but dissipated quickly. 

Even with recent acceleration, however, inflation rates 

generally remain well below year-ago paces. Over the 12 

months through July 2020, the Consumer Price Index (CPI) 

for all items was up 1.0 percent, slowing considerably from 

the 1.8 percent, year-earlier rate. In recent months, demand 

for energy dropped sharply, and energy prices plunged 

further after a production-cut agreement among major oil 

producing economies lapsed. Over the year through July 

2020, energy prices plunged 11.2 percent, compared with a 

decline of 2.0 percent a year earlier. Food price inflation has 

accelerated, however, as consumers have switched from 

restaurants to eat-at-home meals. Food price inflation 

accelerated to 4.1 percent over the year through July, more 

than double the 1.8 percent pace over the 12 months through 

July 2019. Meanwhile, core inflation rose 1.6 percent over 

the 12 months through July, well below the 2.2 percent pace 

over the year through July 2019. 

 Another measure of inflation is growth in the Personal 

Consumption Expenditures Price Index (PCEPI), which is 

the preferred measure for the FOMC’s 2 percent inflation 

target. Inflation as measured by the headline PCEPI has 

held below the FOMC’s target since November 2018, but 

recently has slowed further. Growth in the headline PCEPI 

decelerated to 0.8 percent over the 12 months through June 

2020, considerably below the 1.5 percent pace over the year 

through June 2019. Core PCEPI was 0.9 percent over the 

year through June 2020, slowing from the 1.7 percent rate 

over the year-earlier period. 

 Measures of house price growth have been mixed. FHFA 

price growth decelerated to a 4.9 percent pace over the 

twelve months through May 2020 from a 5.3 percent gain 

over the previous year. However, on a 12-month basis, the 
PROFILE OF THE ECONOMY 7 

September 2020 

Standard and Poor’s (S&P)/Case-Shiller composite 20-city 

home price index advanced 3.7 percent over the year 

through May, well above the 2.3 percent advance over the 

12 months through May 2019.

Consumer Prices 

(Percent change from a year earlier) 

Consumer and Business Sentiment 

Through much of the first quarter, measures of consumer 

and business sentiment had been improving, but they began 

pulling back in March as social distancing and business 

closures took effect. After rising to 101.0 in February, just 

shy of the 14-year high reached in 2018, the 

Reuters/Michigan consumer sentiment index subsequently 

fell by more than 29 points. This index has since stabilized 

at 72.8 as of early August, but it remains about 28 points 

below its February level. From February, the Conference 

Board’s consumer confidence index plunged by 46.9 points 

to 85.7 in April, reaching its lowest level since mid-2014. 

This index has also stabilized since then, standing at 92.6 

as of July, but is still 40 points below the level in 

February. On the business side, the National Federation of 

Independent Business’s (NFIB) small business optimism 

index was, as of February, only 4.3 points below its all-time 

high reached in August 2018. But this index fell nearly 14 

points over March and April to its lowest level since March 

2013. It has since trended higher and as of July, this index 

stood at 98.8, or less than 6 points below its level in 

February. 

Federal Budget and Debt 

 The Federal Government posted a deficit of $984 billion 

(4.6 percent of GDP) in FY 2019, rising from $779 billion 

(3.8 percent of GDP) in FY 2018. The primary deficit 

(which excludes net interest payments) was 2.9 percent of 

GDP in FY 2019, up 0.7 percentage point from FY 2018. 

Federal receipts totaled $3.46 trillion (16.3 percent of GDP) 

in FY 2019. Although the level of receipts was $133 billion 

higher than last year, receipts’ share of the economy 

declined from 16.4 percent of GDP in FY 2018. Net 

outlays for FY 2019 were $4.45 trillion (21.0 percent of 

GDP), up from 20.3 percent of GDP in FY 2018. Federal 

debt held by the public, or federal debt less the debt held in 

government accounts, rose from $15.75 trillion at the end of 

FY 2018 to $16.80 trillion by the end of FY 2019, or 

79.2 percent of GDP. 

 The Administration’s Budget for Fiscal Year 2021 was 

released in February 2020. The Administration projects the 

federal deficit will rise to $1.08 trillion (4.9 percent of GDP) 

in FY 2020. From FY 2021 to FY 2025, the deficit would 

total $3.71 trillion (2.9 percent of GDP, on average). The 

projection assumes implementation of the Administration’s 

proposals – such as increasing spending on national defense, 

supporting major infrastructure investment, cutting nondefense discretionary outlays, and reforming health care, 

drug pricing, welfare programs, student loans, and the Postal 

Service – which would reduce the 10-year deficit relative to 

the baseline by $5.21 trillion. On net, these proposals would 

gradually reduce the deficit to $261 billion (0.7 percent of 

GDP) by FY 2030. The Budget expects that the primary 

deficit (which excludes net interest outlays) will be 3.2 

percent of GDP in FY 2020, which will turn into a small 

primary surplus by FY 2026. Debt held by the public would 

peak at 81.0 percent of GDP in FYs 2021 and 2022 but 

would gradually decline to 66.1 percent of GDP by FY 

2030. 

 The President’s Budget assumes a lower level of 

discretionary spending in FY 2021 than was agreed in the 

Bipartisan Budget Act, lifted spending caps established in 

2011 and allowed for $1.3 trillion in defense and nondefense discretionary spending over the next two fiscal 

years. In March and April, Congress passed several bills to 

help combat COVID-19 and ameliorate the economic effects 

of social distancing measures, worth about $2.7 trillion. 

These bills were passed after the President’s Budget was 

presented to Congress. 

 The Treasury’s borrowing limit is suspended until July 

31, 2021. At the end of July 2020, gross federal debt was 

$26,525.0 billion, while federal debt held by the public 

totaled $20,634.4 billion. 
8 PROFILE OF THE ECONOMY 

September 2020 

Economic Policy 

The U.S. government has responded to the effects of the 

COVID-19 pandemic with a range of significantly 

expansionary fiscal and monetary policies, including an 

unprecedented level of fiscal assistance and a reduction in 

the key policy interest rate to near-zero. 

 On the fiscal side, Congress has authorized a recordsetting economic aid package of roughly $2.7 trillion to date. 

The Federal Government has aided Americans through 

Economic Impact Payments and has helped the unemployed 

by adding a temporary weekly federal benefit to normal state 

unemployment compensation and expanding eligibility for 

benefits to the self-employed and gig workers. The 

Administration also postponed tax payments and delayed 

loan payments for borrowers of federally backed student 

loans to boost disposable incomes and help American 

households to weather the pandemic. 

 In addition, Treasury and the Small Business 

Administration (SBA) launched the Paycheck Protection 

Program (PPP) less than a week after its authorization at the 

end of March. The Administration worked directly with 

private lenders and used their infrastructure to hasten how 

quickly businesses could receive funds. In less than two 

weeks, the PPP had exhausted its initial funding: it had 

processed nearly 1.7 million loans worth $342 billion. After 

a second appropriation, the PPP has provided nearly 5 

million loans to date, worth over $520 billion. According to 

the SBA, lenders have reported that over 51 million jobs 

have been supported by PPP loans. By comparison, the 

Census Bureau estimated in the most recent Statistics of U.S. 

Businesses that establishments with fewer than 500 

employees employed approximately 60.6 million workers. 

 On the monetary policy side, the Federal Reserve’s 

Federal Open Market Committee (FOMC) resumed 

monetary easing, which began in July 2019 but had been 

paused at the turn of the year, owing to buoyant economic 

conditions. 

 At the January 2020 meeting, the Federal funds rate 

target was unchanged at a range of 11⁄2 to 2 percent, and in 

the accompanying statement, the Committee observed that at 

the time, “the current stance of monetary policy is 

appropriate to support sustained expansion of economic 

activity, strong labor market conditions, and inflation near 

the [Fed’s 2 percent target].” 

 However, the pandemic led to an inter-meeting move. 

On March 3, the FOMC announced a 50-basis point cut in 

the target range to 1 to 11⁄4 percent, and on March 15, at 

another unscheduled meeting, the FOMC cut the target range 

by 100 basis points to 0 to 1⁄4 percent. (The scheduled, 

March 17-18 FOMC meeting was cancelled.) 

 At its scheduled meetings in April, June, and July, the 

FOMC left the target range for the federal funds rate 

unchanged. In each of the accompanying statements for 

those meetings, the Committee noted that it expects to 

maintain this FFR target range “until it is confident that the 

economy has weathered recent events and is on track to 

achieve its maximum employment and price stability goals.” 

 The Federal Reserve has also implemented large-scale 

purchases of Treasury securities and agency mortgagebacked securities. On the monetary side, the Federal 

Reserve swiftly cut its interest rate target to zero and 

implemented large-scale purchases of Treasury securities 

and agency mortgage-backed securities. Importantly, the 

Federal Reserve assuaged market worries by using its 

Section 13(3) authority to establish numerous emergency 

lending facilities. Through these facilities, it can leverage 

capital provided by Treasury, which has committed $215 

billion of capital. Treasury can commit up to $454 billion as 

conditions require. Although the Federal Reserve had used 

only 3.2 percent of its stated lending capacity by the end of 

July, the existence of these facilities has unlocked financial 

markets and have mitigated the risk of the public health 

crisis from becoming a financial crisis. 
9 

 September 2020 

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as 

outlays. Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

Congress. These occur in two instances: (1) when 

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

appropriations; and (2) in the three types of revolving funds 

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal 

intrafund transactions—payments and receipts both occur 

within the Federal fund group; and (3) trust intrafund 

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental

Shelf money in deposit funds when such money is

transferred into the budget).

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

Under current law, the off-budget Federal entities consist of 

the two Social Security trust funds, Federal Old-Age and 

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

[commonly known as the Gramm-Rudman-Hollings Act as 

amended by the Budget Enforcement Act of 1990 (2 United 

States Code 900-922)] included off-budget surplus or deficit 

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 
10 

September 2020 

on both on- and off-budget receipts, outlays and deficit of 

the Government. 

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

 Table FFO-2 includes on- and off-budget receipts

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

 Table FFO-3 details on- and off-budget outlays by

agency. 

 Table FFO-4 summarizes on- and off-budget

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another. 

 Table FFO-6 includes customs collection of duties,

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

Third-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the third quarter of fiscal year 2020 

supplements fiscal data reported in the June issue of the 

“Treasury Bulletin.” At the time of that issue’s release, 

not enough data were available to analyze adequately 

collections for the quarter. 

Note that due to the delay of certain tax payment 

deadlines under IRS Notices 2020-18 and 2020-23, 

differences between the third quarter of fiscal year 2020 

and the third quarter of fiscal year 2019 may be 

unusually large. 

Individual income taxes— Individual income tax 

receipts, net of refunds, were $215.1 billion for the third 

quarter of fiscal year 2020. This is a decrease of $362.5 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $72.5 billion and non-withheld 

receipts decreased by $323.2 billion during this period. 

Refunds decreased by $33.2 billion over the comparable 

fiscal year 2019 quarter. There was a change of $1.8 billion 

in accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2019. 

Corporate income taxes— Net corporate income tax 

receipts were $7.9 billion for the third quarter of fiscal year 

2020. This is a decrease of $88.5 billion compared to the 

prior year third quarter. The $88.5 billion change is 

comprised of a decrease of $91.9 billion in estimated and 

final payments, and a decrease of $3.4 billion in corporate 

refunds. 

Employment taxes and contributions— Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2020 were $353.5 billion, an increase of $13.4 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $10.1 billion, $0.4 billion, and $3.3 

billion respectively. There was a $5.9 billion accounting 

adjustment for prior years employment tax liabilities made 

in the third quarter of fiscal year 2020. There was a $7.7 

billion adjustment in the third quarter of fiscal year 2019. 

Unemployment insurance— Unemployment 

insurance receipts, net of refunds, for the third quarter of 

fiscal year 2020 were $22.6 billion, an increase of $0.9 

billion over the comparable quarter of fiscal year 2019. Net 

State taxes deposited in the U.S. Treasury increased by $0.8 

billion to $19.0 billion. Net Federal Unemployment Tax 

Act taxes increased by $0.1 billion to $3.6 billion. 
11 

September 2020 

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.4 billion for the 

third quarter of fiscal year 2020. This was an increase of 

$0.1 billion from the comparable quarter of fiscal year 2019. 

Excise taxes— Net excise tax receipts for the third 

quarter of fiscal year 2020 were $6.7 billion, a decrease of 

$15.1 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $4.4 billion, an 

increase of $3.4 billion over the comparable prior year 

quarter. 

Estate and gift taxes— Net estate and gift tax receipts 

were $1.4 billion for the third quarter of fiscal year 2020. 

These receipts represent a decrease of $2.8 billion over the 

same quarter in fiscal year 2019. 

Customs duties— Customs duties net of refunds were 

$12.4 billion for the third quarter of fiscal year 2020. This is 

a decrease of $3.4 billion over the comparable prior year 

quarter. 

Miscellaneous receipts— Net miscellaneous receipts 

for the third quarter of fiscal year 2020 were $35.6 billion, 

an increase of $12.7 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by 

Federal Reserve banks increasing by $9.5 billion.

Total On- and Off-Budget Results and Financing of the U.S. Government 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Third quarter 2020 

April – June 

 Fiscal year 2020 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 665,553 2,260,069

On-budget receipts .................................................. 384,120 1,527,283

Off-budget receipts .................................................. 272,432 732,785

Total outlays................................................................. 2,657,299 5,004,372

On-budget outlays.................................................... 2,431,669 4,307,841

Off-budget outlays.................................................... 225,629 696,531

Total surplus or deficit (-)............................................. -2,000,746 -2,744,303

On-budget surplus or deficit (-)................................ -2,047,549 -2,780,557

Off-budget surplus or deficit (-)................................ 46,803 36,254

Means of financing: 

Borrowing from the public ............................................ 2,862,788 3,723,835

Reduction of operating cash ........................................ -1,206,776 -1,339,549

Other means ................................................................ 344,733 360,017

Total on- and off-budget financing ........................... 2,000,745 2,744,303

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2020 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source April May June

Individual income taxes...................................................... 75.3 47.8 92.1

Corporate income taxes..................................................... 3.9 -1.8 5.7

Employment and general retirement.................................. 130.0 99.5 124.0

Unemployment insurance .................................................. 9.1 11.7 1.8

Contributions for other insurance and retirement .............. 0.4 0.5 0.5

Excise taxes ....................................................................... 0.4 2.7 3.7

Estate and gift taxes .......................................................... 0.0 0.7 0.6

Customs duties .................................................................. 4.1 3.8 4.5

Miscellaneous receipts....................................................... 18.7 8.9 8.0

Total budget receipts ..................................................... 241.9 173.9 240.8

Note.—Detail may not add to totals due to independent rounding. 
12 

September 2020 
13 

September 2020 

TABLE FFO-1—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Total on-budget and off-budget results 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10) 

Fiscal year 

or Month 

Total 

Receipts 

(1) 

On-budget 

receipts 

(2) 

Off-budget 

receipts 

(3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus 

deficit (-) 

(7) 

On-budget 

surplus 

deficit (-) 

(8) 

Off-budget 

surplus 

deficit (-) 

(9) 

2015 ............................ 3,248,722 2,478,328 770,394 3,687,623 2,944,526 743,097 -438,900 -466,197 27,297 325,601 

2016 ............................ 3,266,689 2,456,509 810,180 3,854,101 3,077,747 776,354 -587,413 -621,238 33,826 1,419,286 

2017 ............................ 3,314,893 2,464,275 850,617 3,980,720 3,179,518 801,202 -665,826 -715,242 49,416 666,472 

2018 ............................ 3,328,745 2,473,999 854,747 4,107,741 3,259,170 848,573 -778,995 -785,172 6,175 1,258,348 

2019 ............................ 3,462,195 254,893 914,302 4,446,583 3,539,967 906,617 -984,386 -992,072 7,686 1,208,690 

2020 – Est1.................. 3,706,327 2,739,254 967,073 4,789,746 3,829,949 959,797 -1,083,419 -1,090,695 7,276 1,231,866 

2021 – Est1.................. 3,863,293 2,852,257 1,011,036 4,829,359 3,811,118 1,018,241 -966,066 -958,861 -7,205 1,177,636 

2019 - June ................. 333,952 241,695 92,257 342,430 292,170 50,259 -8,477 -50,475 41,999 7 

July .................. 251,348 182,519 68,829 371,043 293,461 77,582 -119,695 -110,942 -8,753 1,338 

Aug .................. 227,965 157,490 70,475 428,309 342,318 85,991 -200,344 -184,828 -15,516 438,890 

Sept................. 374,028 296,333 77,695 291,260 205,011 86,249 82,768 91,322 -8,554 259,291 

Oct................... 245,521 181,095 64,426 379,988 300,962 79,026 -134,467 -119,867 -14,600 277,223 

Nov .................. 225,185 155,648 69,537 434,024 345,901 88,122 -208,838 -190,253 -18,585 68,945 

Dec .................. 335,805 259,671 76,135 349,091 302,065 47,026 -13,286 -42,394 29,108 126,179 

2020 - Jan ................... 372,288 281,546 90,742 404,883 326,440 78,443 -32,595 -44,894 12,299 22,617 

Feb .................. 187,951 112,136 75,815 423,229 334,290 88,939 -235,278 -222,155 -13,124 186,216 

Mar .................. 236,766 153,068 83,698 355,754 266,410 89,344 -118,988 -113,342 -5,646 283,377 

Apr................... 241,863 142,052 99,811 979,885 900,847 79,038 -738,022 -758,795 20,773 1,294,085 

May.................. 173,861 96,428 77,433 572,614 481,642 90,972 -398,754 -385,215 -13,539 773,267 

June................. 240,829 145,640 95,188 1,104,903 1,049,284 55,619 -864,074 -903,644 39,569 729,695 

Fiscal year 2020 to date ... 2,260,069 1,527,284 732,785 5,004,371 4,307,841 696,529 -2,744,302 -2,780,559 36,255 3,761,604 

Means of financing—net transactions, continued 

Borrowing from the publicFederal securities, continued Cash and monetary assets (deduct) 

Other 

(18) 

Transaction

s not 

applied to 

year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

 (17) 

2015 ...................................... 241 -10,027 335,867 40,415 -2,815 -3,114 -6,425 127,111 970 435,887 

2016 ...................................... 269 367,731 1,051,824 154,593 -279 -1,268 230 -310,961 -171 587,416 

2017 ...................................... 3 168,172 498,301 -193,988 1,390 -935 1,938 -24,443 259 665,714 

2018 ...................................... -1,545 172,343 1,084,458 225,390 -527 -2,661 3,857 -79,242 -160 778,997 

2019 ...................................... -1,366 155,715 1,051,606 -2,230 -941 -1,210 7,593 -63,946 -62 984,386 

2020 – Est1............................ -1,088 150,342 1,080,435 2,517 - - - 5,500 - 1,083,419

2021 – Est1............................ -464 146,269 1,030,904 - - - - -64,838 - 966,066

2019 - June ........................... -152 12,192 -12,337 30,835 461 137 273 -11,089 197 8,477

July............................ -112 -23,196 24,422 -87,047 -541 183 1,733 181,186 -241 119,695

Aug............................ -198 52,505 386,186 -43,571 -196 336 -160 -142,131 -120 200,344

Sept........................... -234 46,439 212,619 249,392 -184 -464 -233 -544,421 523 -82,768

Oct............................. -180 117,207 159,836 52,458 589 -73 -73 -78,539 270 134,468 

Nov............................ -74 -56,591 125,462 -92,324 -214 -57 -39 176,131 -121 208,838

Dec............................ 10 60,421 65,767 61,235 397 -133 607 -114,768 168 13,273

2020 - Jan ............................. -130 -19,411 41,898 131 -216 66 -26 -9,148 -110 32,595 

Feb ............................ -325 -14,228 200,119 -46,732 -86 -25 -191 82,261 -68 235,278

Mar............................ 428 15,841 267,964 158,006 -312 -256 55 -306,149 -183 119,125

Apr............................. -75 -92,518 830,294 664,778 58 -39 1,005 -758,265 20 737,851 

May ........................... -704 12,575 385,542 269,095 227 25 2,937 -259,123 118 398,821

June .......................... 614 14,037 850,651 272,903 135 94 1,294 -261,067 64 864,074

Fiscal year 2020 to date.......... -436 37,333 2,927,533 1,339,550 580 -398 5,569 1,528,667 158 2,744,323 

Note: Detail may not add to total due to rounding. 

1These estimates are based on the President's FY 2021 Budget, released by the Office of Management and Budget on February 10,2020
14 

September 2020 

2015 .................. 1,220,161 554,993 234,352 1,540,802 390,291 46,495 343,798 1,884,598 1,007,385 2,801 1,004,584 

2016 .................. 1,245,698 551,660 251,286 1,546,076 345,981 46,411 299,572 1,845,646 1,060,162 3,159 1,056,993 

2017 .................. 1,309,265 539,528 261,678 1,587,120 338,978 41,929 297,048 1,884,168 1,109,837 3,290 1,106,547 

2018 .................. 1,325,106 626,555 268,126 1,683,536 263,168 58,433 204,734 1,888,270 1,118,641 3,234 1,115,407 

2019 .................. 1,328,271 634,339 244,755 1,717,858 277,416 47,172 230,244 1,948,102 1,195,506 3,632 1,191,874 

2020 – Est1........ 1,812,040 - - 1,812,040 263,642 - 263,642 2,075,682 1,259,217 - 1,264,786 

2021 – Est1........ 1,931,678 - - 1,931,678 284,093 - 284,093 2,215,771 1,319,075 - 1,324,980 

2019 - June ....... 76,127 69,403 4,383 141,149 54,129 2,860 51,269 192,418 120,240 - 120,240

July ........ 120,690 11,414 4,678 127,427 9,522 2,555 6,967 134,394 89,025 - 89,025

Aug ........ 100,795 8,854 3,667 105,982 3,172 4,568 -1,396 104,586 91,242 - 91,242 

Sept....... 103,949 82,773 3,750 182,972 62,619 2,301 60,318 243,290 106,249 3,632 102,617

Oct......... 108,600 28,362 10,573 126,389 10,802 4,232 6,571 132,960 86,267 - 86,267

Nov ........ 105,275 8,593 8,105 105,764 5,918 5,385 532 106,296 93,271 - 93,271 

Dec ........ 139,853 15,839 2,986 152,706 61,054 2,744 58,311 211,017 101,976 - 101,976

2020 - Jan ......... 123,436 95,208 1,984 216,660 11,619 1,127 10,492 227,152 117,112 - 117,112

Feb ........ 122,599 11,161 64,134 69,626 4,365 6,406 -2,041 67,585 96,587 - 96,587

Mar ........ 148,378 15,294 65,356 98,316 12,166 1,776 10,390 108,706 106,670 - 106,670

Apr......... 79,598 655 4,996 75,257 6,507 2,566 3,940 79,197 129,590 - 129,590 

May........ 72,199 11,784 36,224 47,760 2,402 4,197 -1,795 45,965 99,175 - 99,175 

June....... 73,997 27,849 9,730 92,116 10,674 4,967 5,707 97,823 124,227 - 124,227 

Fiscal year 

2020 to date ........ 973,934 214,745 204,086 984,594 125,507 33,400 92,107 1,076,701 954,875 - 954,875

Fiscal year 

or month 

Social insurance and retirement receipts, continued 

Employment and general retirement, continued Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

2015 ............................ 5,868 1 5,868 1,010,449 51,359 182 51,177 3,629 23 3,652 

2016 ............................ 5,316 3 5,312 1,062,305 49,043 191 48,853 3,877 28 3,906 

2017 ............................ 5,349 1 5,349 1,111,896 45,961 154 45,810 4,158 34 4,191 

2018 ............................ 5,753 4 5,749 1,121,156 45,161 121 45,041 4,471 31 4,501 

2019 ............................ 5,610 90 5,519 1,197,395 41,193 259 40,934 4,730 29 4,759 

2020 – Est1.................. 5,569 - 5,569 1,264,786 42,004 - 42,004 5,205 31 5,236 

2021 – Est1.................. 5,905 - 5,905 1,324,980 43,033 - 43,033 5,550 31 5,581 

2019 - June ................. -121 7 -129 120,112 268 18 249 382 2 385

July.................. 546 - 545 89,571 3,876 27 3,849 425 3 428 

Aug.................. 556 7 549 91,791 3,642 13 3,629 399 2 402 

Sept................. 500 72 429 103,046 211 14 197 384 2 386

Oct................... 444 40 403 86,671 2,757 - 2,757 386 3 389 

Nov.................. 434 50 383 93,654 2,604 9 2,596 483 2 486 

Dec.................. 427 4 423 102,399 264 15 248 446 3 449

2020 - Jan ................... 507 15 492 117,604 3,024 5 3,019 420 2 422 

Feb.................. 635 -17 652 97,239 2,282 3 2,279 398 2 400 

Mar.................. 536 40 495 107,165 316 20 296 402 3 405 

Apr................... 392 - 392 129,982 9,091 28 9,063 400 2 402 

May ................. 357 3 355 99,529 11,724 3 11,720 504 2 505 

June ................ -211 7 -217 124,009 1,785 5 1,780 468 3 471 

Fiscal year 2020 to date... 3,521 142 3,378 958,252 33,847 88 33,758 3,907 22 3,929 

See footnotes at end of table. 

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

Refunds 

 (10) 

 Net 

 (11) 
15 

September 2020 

Fiscal year 

or month 

Excise

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget 

(46) 

2015 ................ 98,278 20,043 811 19,232 37,704 2,666 35,042 96,469 49,827 146,294 2,478,328 770,394 

2016 ................ 95,044 22,337 983 21,354 36,468 1,630 34,836 115,671 39,070 154,744 2,456,508 810,180 

2017 ................ 83,821 23,779 1,012 22,770 36,260 1,686 34,573 81,288 46,380 127,666 2,464,275 850,617 

2018 ................ 94,987 23,864 883 22,982 43,097 1,796 41,298 70,751 39,755 110,505 2,473,999 854,747 

2019 ................ 98,915 17,565 894 16,672 73,461 2,677 70,784 52,793 31,843 84,637 2,547,893 914,302 

2020 – Est1...... 94,593 20,389 - 20,389 92,304 - 92,304 72,681 38,652 111,333 2,739,254 967,073 

2021 – Est1...... 87,206 21,641 - 21,641 53,811 - 53,811 70,814 40,456 111,270 2,852,257 1,011,036 

2019 - June ..... 7,110 1,144 57 1,087 5,822 216 5,606 4,741 2,246 6,985 241,695 92,257 

July...... 7,868 1,201 43 1,158 6,751 278 6,473 5,203 2,404 7,606 182,519 68,829 

Aug...... 7,866 1,988 111 1,877 7,228 223 7,005 3,622 7,186 10,809 157,490 70,475 

Sept..... 11,986 1,220 18 1,201 7,174 341 6,833 3,924 3,164 7,088 296,333 77,695 

Oct....... 6,036 1,748 57 1,691 8,108 350 7,757 5,230 2,030 7,260 181,094 64,426 

Nov...... 7,513 1,298 59 1,239 7,391 451 6,940 4,521 1,941 6,461 155,648 69,537 

Dec...... 7,017 1,761 63 1,698 6,934 485 6,449 5,252 1,277 6,529 259,671 76,135 

2020 - Jan ....... 6,308 2,380 19 2,361 7,270 352 6,918 5,803 2,702 8,506 281,546 90,742 

Feb ...... 6,685 1,731 146 1,584 6,694 408 6,286 4,134 1,759 5,892 112,136 75,815 

Mar...... 6,415 1,198 -19 1,217 5,403 588 4,815 6,068 1,680 7,749 153,068 83,698 

Apr....... 353 71 58 13 4,712 599 4,114 10,005 8,734 18,739 142,052 99,811 

May ..... 2,701 742 6 736 4,460 627 3,833 7,587 1,285 8,871 96,428 77,433 

June .... 3,678 636 6 630 5,310 829 4,480 6,545 1,413 7,958 145,640 95,188 

Fiscal year 

 2020 to date........ 46,706 11,565 395 11,169 56,282 4,689 51,592 55,145 22,821 77,965 1,527,283 732,785 

Note: Detail may not add to total due to rounding. 

1These estimates are based on the President's FY 2021 Budget, released by the Office of Management 

and Budget on February 10,2020 

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Social 

insurance 

and retirement

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

2015 .............................. 1,065,278 13,401 18 13,383 546 - 546 38,132 0 38,132 50,802 4,585 46,217 

2016 .............................. 1,115,063 14,379 16 14,363 465 - 465 41,432 63 41,369 45,284 6,440 38,846 

2017 .............................. 1,161,897 14,952 15 14,936 426 - 426 41,555 431 41,126 32,495 5,162 27,334 

2018 .............................. 1,170,699 15,532 15 15,516 394 - 394 42,979 438 42,541 39,650 3,116 36,535 

2019 .............................. 1,243,087 15,825 14 15,811 213 - 213 44,186 440 43,746 44,773 5,629 39,144 

2020 – Est1.................... 1,312,026 17,040 - 17,040 322 - 322 42,354 - 42,354 34,877 - 34,877 

2021 – Est1.................... 1,373,594 17,987 - 17,987 215 - 215 42,669 - 42,669 26,335 - 26,335 

2019 - June ................... 120,746 1,524 - 1,524 14 - 14 3,725 44 3,681 2,160 268 1,891

July .................... 93,848 1,507 - 1,507 14 - 14 3,683 43 3,640 3,174 466 2,707

Aug .................... 95,822 896 5 891 - - - 3,266 43 3,224 3,912 160 3,752

Sept................... 103,629 2,005 - 2,005 27 - 27 6,941 64 6,877 3,428 351 3,077

Oct..................... 89,817 257 - 257 3 - 3 890 15 876 5,084 185 4,900

Nov .................... 96,736 1,718 - 1,718 19 - 19 4,540 29 4,511 1,368 103 1,266

Dec .................... 103,096 1,416 - 1,416 15 - 15 3,836 29 3,807 2,025 247 1,779

2020 - Jan ..................... 121,045 1,473 - 1,473 16 - 16 3,893 30 3,863 1,421 465 955 

Feb .................... 99,918 2,861 7 2,854 24 - 24 3,672 31 3,641 320 155 165 

Mar .................... 107,866 1,291 - 1,291 23 - 23 3,248 31 3,217 2,345 462 1,883 

Apr..................... 139,447 662 - 662 22 - 22 3,055 37 3,018 353 3,702 -3,349 

May.................... 111,754 -563 9 -571 8 - 8 719 44 675 3,019 430 2,589

June................... 126,260 8 - 8 20 - 20 2,224 44 2,181 1,609 139 1,470

Fiscal year 2020 to date ..... 995,939 9,123 16 9,108 150 - 150 26,077 290 25,789 17,544 5,888 11,658
16

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

September 2020 

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart- 

 ment of 

 Labor 

 (13) 

2015 ....................... 4,328 7,130 139,112 8,955 562,506 90,031 25,425 1,027,420 42,563 35,522 12,348 26,910 45,218

2016 ....................... 4,344 7,497 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371

2017 ....................... 4,499 7,565 127,563 10,303 568,905 111,703 25,794 1,116,763 50,502 55,623 12,141 30,979 40,121

2018 ....................... 4,670 7,780 136,713 8,561 600,705 63,706 26,479 1,120,503 68,374 54,666 13,210 34,522 39,637

2019 ....................... 4,955 7,958 150,120 11,326 653,979 104,365 28,936 1,213,807 56,328 29,188 13,907 35,107 35,810

2020 – Est1............. 6,048 8,580 154,617 17,124 689,589 159,297 34,351 1,322,128 62,152 36,049 17,458 45,277 36,390

2021 – Est1............. 5,795 8,993 129,215 12,245 729,329 78,962 35,484 1,371,719 60,330 52,394 16,153 41,133 38,267

2019 - June ............ 381 584 9,911 821 48,481 34,107 1,992 67,523 3,970 3,988 1,433 2,829 3,294

July ............. 501 686 9,975 1,046 52,665 4,962 2,447 104,030 5,204 3,608 1,282 3,123 3,870

Aug ............. 368 656 12,161 983 60,702 6,800 2,729 132,560 4,373 3,655 1,215 2,802 3,149

Sept ............ 452 659 12,891 721 52,835 6,173 3,015 75,349 4,130 4,601 1,359 3,190 1,855

Oct.............. 504 713 19,093 963 68,233 8,094 3,109 143,105 4,884 3,836 1,251 3,135 -3,368

Nov ............. 303 776 18,568 2,359 60,073 4,772 2,639 132,080 5,053 3,798 900 2,778 3,357

Dec ............. 586 677 15,062 1,291 59,042 4,785 2,226 71,871 5,450 4,056 1,467 3,024 5,147

2020 - Jan .............. 460 689 11,225 1,012 50,354 9,839 2,830 134,418 4,563 3,667 1,255 3,671 4,882

Feb ............. 385 631 13,472 993 52,622 9,295 2,348 101,977 4,299 3,753 856 364 3,355

Mar ............. 455 701 11,229 1,200 57,855 6,366 2,876 73,527 4,776 4,452 1,495 3,534 5,649

Apr.............. 384 668 10,304 1,478 55,280 5,806 2,662 250,008 5,487 4,093 2,120 5,645 49,520

May............. 443 776 12,511 1,202 58,453 8,862 2,690 128,708 6,031 4,797 1,162 2,817 93,869

June............ 521 685 20,789 1,310 55,003 78,038 2,555 129,788 6,599 -9,864 1,866 3,714 116,684

Fiscal year 

 2020 to date............... 4,041 6,316 132,253 11,808 516,915 135,857 23,935 1,165,482 47,142 22,588 12,372 28,682 279,095

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

2015 ....................... 26,494 75,451 402,183 83,447 159,220 6,684 62,966 7,006 392 -889 20,976 

2016 ....................... 29,447 78,421 429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242 

2017 ....................... 27,061 79,440 456,953 89,445 176,050 6,452 58,695 8,087 412 -664 18,925 

2018 ....................... 26,386 78,494 521,553 107,894 178,508 5,083 55,367 8,085 383 -590 21,628 

2019 ....................... 28,002 80,716 572,914 116,584 199,571 6,456 60,930 8,064 423 -1,100 23,578 

2020 – Est1............. 32,169 84,659 576,465 124,576 214,336 5,543 64,521 7,498 440 1,222 25,670 

2021 – Est1............. 26,454 88,706 575,782 114,876 235,288 5,590 65,316 7,533 430 107,484 34,717 

2019 - June ............ 1,485 8,522 102,800 5,989 8,019 524 173 644 26 -175 3,113

July ............. 2,013 8,008 40,342 7,860 16,630 457 5,337 602 56 -17 762

Aug ............. 2,222 8,329 39,728 9,067 24,943 683 9,356 515 31 71 1,693

Sept ............ 3,226 9,403 35,975 -29,283 9,054 519 826 682 37 -465 1,532

Oct.............. 2,251 7,470 30,319 8,903 17,595 710 5,354 831 33 46 1,432

Nov ............. 3,377 6,493 35,643 6,937 27,152 684 10,121 829 33 -54 2,346

Dec ............. 2,733 6,533 94,225 9,272 17,014 785 5,360 777 33 -17 -706

2020 - Jan .............. 2,411 5,443 33,903 6,375 17,982 731 6,191 826 32 -27 2,489

Feb ............. 2,213 7,005 34,891 60,060 17,798 663 5,026 707 32 400 1,442

Mar ............. 2,760 6,272 40,471 22,626 7,294 795 515 690 33 -3 5,373

Apr.............. 2,858 7,481 41,004 392,098 18,618 1,089 5,014 638 31 -128 2,499

May............. 1,658 9,839 26,503 71,967 19,491 326 5,875 753 44 -226 1,205

June............ 2,709 9,615 68,463 28,139 17,637 472 7,189 749 34 57 882 

Fiscal year 

 2020 to date............... 22,970 66,151 405,422 606,377 160,581 6,255 50,645 6,800 305 48 16,962 

See footnotes at end of table 
17 

September 2020 

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget 

 (36) 

2015 .................. 18,272 6,836 91,736 -747 944,144 13,575 -81,120 -141,791 -4,555 -30,128 2,944,526 743,097 

2016 .................. 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354 

2017 .................. 18,698 7,213 95,462 439 1,000,812 11,658 -84,970 -147,057 -3,106 -1,750 3,179,518 801,202 

2018 .................. 19,756 7,167 98,803 44 1,039,903 7,770 -87,382 -150,151 -4,594 -5,896 3,259,170 848,573 

2019 .................. 20,180 7,253 103,138 456 1,101,833 19,609 -90,811 -149,605 -6,225 -1,156 3,539,965 906,617 

2020 – Est1........ 21,545 7,504 106,405 -158 1,155,231 27,499 -101,198 -145,571 -4,901 -3,133 3,829,949 959,797 

2021 – Est1........ 23,846 8,003 - 871 1,214,807 26,452 -115,062 -140,552 -5,067 -18,998 3,811,118 1,018,241

2019 - June ....... 1,611 616 8,263 80 92,993 -2,739 -6,191 -62,360 -272 - 292,170 50,259 

July........ 1,654 693 8,937 103 92,782 2,626 -6,678 -3,697 -827 - 293,461 77,582 

Aug........ 1,775 785 8,424 99 97,400 1,680 -6,265 -4,307 -70 - 342,318 85,991 

Sept....... 2,007 694 8,901 85 88,658 412 -6,375 -1,379 -476 -1 205,011 86,249 

Oct......... 1,715 679 9,587 81 93,682 3,159 -22,480 3,223 -441 - 300,962 79,026 

Nov........ 1,793 595 8,470 81 98,202 3,368 -7,025 -2,183 -295 - 345,901 88,122 

Dec........ 2,346 549 8,102 104 93,173 1,014 -7,112 -59,103 -672 - 302,065 47,026 

2020 - Jan ......... 1,318 578 9,445 85 95,566 1,759 -6,895 -1,716 -480 - 326,440 78,443 

Feb ........ 1,489 535 9,062 102 95,634 2,403 -6,741 -3,729 -115 - 334,290 88,939 

Mar........ 1,864 538 8,988 -1,056 91,869 2,772 -6,760 -2,767 -631 - 266,410 89,344 

Apr......... 1,625 522 9,286 15,367 96,581 5,156 -6,810 -6,312 -188 - 900,847 79,038 

May ....... 1,862 541 7,815 10,844 97,130 1,531 -7,449 535 48 - 481,642 90,972 

June ...... 1,963 601 7,635 511,355 101,464 -3,448 -7,927 -50,151 -221 - 

1,049,284 

 55,619 

Fiscal year 

2020 to date ....... 15,975 5,138 78,390 536,963 863,301 17,714 -79,199 -122,203 -2,995 - 4,307,841 696,529 

Note: Detail may not add to total due to rounding. 

1These estimates are based on the President's FY 2021 Budget, released by the Office of Management 

and Budget on February 10,2020 
18 

September 2020

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

June 2020 and Other Periods 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 984,458 135 - 984,593 1,301,385 92 - 1,301,477

Corporation income taxes........................................... 92,106 - - 92,106 164,355 - - 164,355

Social insurance and retirement receipts: --- - --- - Employment and general retirement (off-budget)... - - 732,785 732,785 - - 697,303 697,303

Employment and general retirement (on-budget)... 18 - 225,449 225,466 5 - 215,679 215,683

Unemployment insurance ....................................... 11 - 33,747 33,759 10 - 33,248 33,258

Other retirement...................................................... - - 3,929 3,929 - - 3,543 3,543

Excise taxes ................................................................ 9,569 811 36,327 46,707 27,338 896 42,961 71,195

Estate and gift taxes ................................................... 11,168 - - 11,168 12,435 - - 12,435

Customs duties ........................................................... 33,903 16,635 1,054 51,592 33,849 15,381 1,241 50,472

Miscellaneous receipts................................................ 65,659 11,365 940 77,965 45,706 12,153 1,275 59,134

Total Receipts................................................ 1,196,892 28,946 1,034,231 2,260,069 1,585,083 28,522 995,249 2,608,855

 (On-budget)............................................... 1,196,892 28,946 301,446 1,527,283 1,585,083 28,522 297,946 1,911,551

 (Off-budget)............................................... - - 732,785 732,785 - - 697,303 697,303

Budget outlays: - - - - - - - Legislative branch ....................................................... 3,995 51 -4 4,042 3,664 -24 -4 3,636

Judicial branch ............................................................ 6,303 133 -120 6,317 6,031 55 -129 5,957

Department of Agriculture ........................................... 104,381 27,899 -26 132,254 88,570 26,525 -2 115,093

Department of Commerce........................................... 10,276 1,481 51 11,808 7,041 1,526 7 8,574

Department of Defense-military .................................. 513,500 3,125 290 516,915 483,261 4,317 199 487,777

Department of Education ............................................ 135,912 -55 * 135,857 86,542 -112 * 86,430

Department of Energy................................................. 25,182 -1,249 * 23,934 22,103 -1,359 * 20,745

Department of Health and Human Services ............... 808,692 2,826 316,251 1,127,768 682,482 3,626 215,759 901,867

Department of Homeland Security.............................. 48,809 -1,707 40 47,142 44,743 -2,273 150 42,619

Department of Housing and Urban Development....... 22,793 -9 -196 22,588 17,593 -80 -189 17,324

Department of the Interior........................................... 11,728 407 237 12,372 9,175 578 299 10,053

Department of Justice ................................................. 25,061 3,640 -19 28,683 21,119 4,874 -1 25,992

Department of Labor................................................... 261,385 -4,716 22,426 279,095 6,440 -3,760 24,257 26,936

Department of State.................................................... 22,191 468 311 22,970 20,851 -897 586 20,540

Department of Transportation..................................... 23,229 * 42,922 66,151 7,237 -31 47,771 54,977

Department of the Treasury: --- - --- - Interest on the public debt....................................... 405,423 - - 405,423 456,868 - - 456,868

Other ....................................................................... 596,989 9,307 81 606,377 130,346 -1,464 56 128,939

Department of Veterans Affairs .................................. 163,340 -3,213 455 160,581 151,308 -2,856 496 148,948

Corps of Engineers ..................................................... 5,476 -158 936 6,254 4,935 -64 -76 4,796

Other defense civil programs...................................... 98,689 -2,856 -45,189 50,645 93,899 -5,963 -42,525 45,411

Environmental Protection Agency............................... 6,859 -39 -20 6,800 6,572 -63 -244 6,265

Executive Office of the President................................ 335 -1 -29 305 292 * 6 298

General Services Administration ................................ 132 -84 - 49 132 -822 - -690

International Assistance Program............................... 19,845 -281 -2,602 16,961 18,175 -141 1,555 19,589

National Aeronautics and Space Administration ........ 15,976 -2 1 15,975 14,774 -31 1 14,744

National Science Foundation...................................... 5,034 93 11 5,138 4,988 96 -2 5,081

Office of Personnel Management ............................... 10,032 130 68,227 78,389 9,982 508 66,386 76,876

Small Business Administration ................................... 536,972 -9 - 536,963 173 -3 - 170

Social Security Administration .................................... 73,330 * 789,973 863,303 70,080 * 752,913 822,993

Other independent agencies....................................... 11,089 1,471 5,152 17,712 9,772 -402 5,522 14,892

Undistributed offsetting receipts: --- - --- - Interest .................................................................... - - -122,204 -122,204 - - -140,224 -140,224

Other ....................................................................... -3,054 -7,991 -71,149 -82,194 -4,157 -8,459 -64,888 -77,504

 Total outlays......................................................... 3,969,904 28,663 1,005,804 5,004,372 2,474,990 13,301 867,680 3,355,971

(On-budget)..................................................... 3,969,638 29,593 308,610 4,307,841 2,474,725 13,991 210,461 2,699,176

(Off-budget)..................................................... 267 -930 697,194 696,531 265 -690 657,219 656,794

 Surplus or deficit (-).............................................. -2,773,013 283 28,427 -2,744,303 -889,907 15,221 127,570 -747,116

 (On-budget)..................................................... -2,772,746 -647 -7,164 -2,780,557 -889,642 14,531 87,485 -787,625

 (Off-budget)..................................................... -267 930 35,591 36,254 -265 690 40,084 40,509

-No Transactions

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 

A 
19 

September 2020 

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” tables FD-2 and FD-6 from the 

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

 Table FD-2 categorizes by type, that is, marketable

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

 Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

 In table FD-6, the debt ceiling is compared with the

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
20 

September 2020 

TABLE FD-1—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

2015............................... 18,174,718 18,150,618 24,100 5,026,867 5,026,862 5 13,147,851 13,123,756 24,095 

2016............................... 19,597,812 19,573,445 24,367 5,395,699 5,395,695 4 14,202,113 14,177,750 24,363 

2017............................... 20,269,269 20,244,900 24,369 5,563,074 5,563,073 1 14,706,195 14,681,827 24,368 

2018............................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822 

2019............................... 22,740,857 22,719,402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

2019 - June.................... 22,045,280 22,023,283 21,997 5,818,564 5,818,564 - 16,226,716 16,204,719 21,997 

July..................... 22,044,255 22,022,369 21,886 5,795,177 5,795,177 - 16,249,078 16,227,192 21,886 

Aug..................... 22,482,155 22,460,467 21,688 5,847,510 5,847,510 - 16,634,645 16,612,957 21,688 

Sept.................... 22,740,857 22,719,402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

Oct ..................... 23,029,685 23,008,410 21,275 6,010,478 6,010,478 - 17,019,207 16,997,932 21,275 

Nov..................... 23,097,400 23,076,199 21,201 5,953,691 5,953,691 - 17,143,709 17,122,508 21,201 

Dec..................... 23,222,591 23,201,380 21,211 6,013,988 6,013,988 - 17,208,603 17,187,392 21,211 

2020 - Jan...................... 23,708,055 23,686,871 21,184 5,994,397 5,994,397 - 17,713,658 17,692,474 21,184 

Feb..................... 23,430,714 23,409,959 20,755 5,980,003 5,980,003 - 17,450,711 17,429,956 20,755 

Mar..................... 23,244,893 23,223,813 21,080 5,995,035 5,995,035 - 17,249,858 17,228,778 21,080 

 Apr ..................... 24,995,281 24,974,172 21,109 5,902,393 5,902,393 - 19,092,888 19,071,779 21,109 

May .................... 25,766,665 25,746,260 20,405 5,914,931 5,914,931 - 19,851,734 19,831,329 20,405 

June ................... 26,498,260 26,477,241 21,019 5,928,866 5,928,866 - 20,569,394 20,548,375 21,019 

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

2015 ............................... 18,174,718 56,852 18,117,866 5,026,867 25,603 5,001,264 13,147,851 31,249 13,116,602 

2016 ............................... 19,597,812 60,393 19,537,417 5,395,699 26,706 5,368,993 14,202,113 33,687 14,168,425 

2017 ............................... 20,269,269 65,378 20,203,891 5,563,074 25,909 5,537,165 14,706,195 39,469 14,666,725 

2018 ............................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183 

2019 ............................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792 

2019 - June .................... 22,045,280 76,241 21,969,038 5,818,564 29,089 5,789,475 16,226,716 47,152 16,179,563 

July..................... 22,044,255 73,988 21,970,265 5,795,177 28,897 5,766,279 16,249,078 45,091 16,203,986 

Aug..................... 22,482,155 73,196 22,408,957 5,847,510 28,725 5,818,785 16,634,645 44,471 16,590,173 

Sept.................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792 

Oct...................... 23,029,685 84,625 22,945,058 6,010,478 28,048 5,982,431 17,019,207 56,577 16,962,628 

Nov..................... 23,097,400 83,469 23,013,930 5,953,691 27,851 5,925,840 17,143,709 55,618 17,088,090 

Dec..................... 23,222,591 82,471 23,140,119 6,013,988 27,727 5,986,261 17,208,603 54,744 17,153,857 

2020 - Jan ...................... 23,708,055 82,287 23,162,605 5,994,397 27,547 5,966,850 17,713,658 54,740 17,195,755 

Feb ..................... 23,430,714 82,218 23,348,496 5,980,003 27,382 5,952,621 17,450,711 54,836 17,395,874 

Mar..................... 23,244,893 75,753 23,632,301 5,995,035 26,572 5,968,463 17,249,858 49,181 17,663,838 

 Apr ..................... 24,995,281 68,969 24,926,311 5,902,393 26,448 5,875,945 19,092,888 42,521 19,050,367 

May .................... 25,766,665 67,790 25,698,875 5,914,931 26,410 5,888,520 19,851,734 41,380 19,810,354 

June ................... 26,498,260 69,075 26,429,184 5,928,866 26,308 5,902,557 20,569,394 42,767 20,526,627 
21 

Note-Detail may not add to totals due to rounding 

September 2020

Nonmarketable, continued

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

2015 .......................... 172,826 - 264 9,138 78,115 29,995 1,642

2016 .......................... 167,524 - 264 226,349 109,211 29,995 1,777

2017 .......................... 161,705 - 264 223,787 80,359 29,995 1,641

2018 .......................... 156,809 - 264 250,680 71,753 29,995 1,575

2019 .......................... 152,355 - 264 248,052 53,809 29,995 1,981

2019 - June ............... 153,407 - 264 48,751 47,865 29,995 1,806

July................ 153,029 - 264 38,352 43,643 29,995 1,827

Aug................ 152,642 - 264 244,960 44,786 29,995 1,859

Sept............... 152,355 - 264 248,052 53,809 29,995 1,981

Oct................. 152,088 - 264 249,394 62,591 25,473 2,040

Nov................ 151,842 - 264 253,800 68,865 25,473 1,999

Dec................ 151,347 - 264 255,668 77,752 25,473 2,045

2020 - Jan ................. 150,729 - 264 264,487 73,720 25,473 2,044

Feb ................ 150,369 - 264 263,845 76,748 25,473 2,003

Mar................ 150,008 - 264 273,375 84,402 25,473 2,112

 Apr ................ 150,101 - 264 276,049 87,257 25,473 2,454

May ............... 150,083 - 264 282,214 88,608 80,724 2,432

June .............. 149,819 - 264 283,020 89,242 121,107 2,383

TABLE FD-2—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable 

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

2015 .......................... 13,123,847 12,831,867 1,355,231 8,366,026 1,688,208 1,135,363 287,039 291,980 

2016 .......................... 14,173,424 13,638,303 1,644,759 8,624,253 1,825,338 1,209,814 334,139 535,120 

2017 .......................... 14,673,429 14,175,677 1,799,570 8,798,940 1,948,414 1,286,124 342,630 497,752 

2018 .......................... 15,761,155 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077 

2019 .......................... 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455 

2019 - June ............... 16,188,422 15,906,333 2,250,354 9,548,047 2,266,020 1,432,115 409,798 282,089 

July................ 16,211,185 15,944,073 2,205,307 9,636,337 2,282,191 1,432,181 388,058 267,112 

Aug................ 16,596,816 16,122,309 2,331,300 9,650,801 2,294,496 1,439,650 406,062 474,507 

Sept............... 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455 

Oct................. 16,981,311 16,489,460 2,455,312 9,826,407 2,329,496 1,473,489 404,755 491,851 

Nov................ 17,105,421 16,603,177 2,514,687 9,821,958 2,357,221 1,486,555 422,756 502,243 

Dec................ 17,170,442 16,657,894 2,416,417 9,920,786 2,373,513 1,506,394 440,783 512,549 

2020 - Jan ................. 17,212,635 16,695,918 2,403,862 9,990,403 2,390,076 1,498,585 412,991 516,717 

Feb ................ 17,413,050 16,894,347 2,564,220 9,985,777 2,408,017 1,505,312 431,020 518,703 

Mar................ 17,674,771 17,139,137 2,657,089 10,084,217 2,424,353 1,524,472 449,006 535,634 

 Apr ................ 19,053,619 18,512,020 4,000,897 10,155,648 2,441,632 1,492,075 421,767 541,599 

May ............... 19,812,782 19,208,457 4,629,046 10,168,689 2,467,632 1,501,322 441,767 604,324 

June .............. 20,530,278 19,884,443 5,078,833 10,306,753 2,528,444 1,508,647 461,767 645,835 
22 

September 2020 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

2015 ..................... 2,766,649 828 66,128 7,667 4,903 7,163 874 44,368 1,003,215

2016 ..................... 2,796,712 828 63,336 64,629 4,246 8,527 685 53,776 1,309,888

2017 ..................... 2,820,200 839 70,589 52,332 3,604 10,965 419 60,711 1,381,004

2018 ..................... 2,801,254 852 98,197 41,212 3,015 10,493 612 72,576 1,516,817

2019 ..................... 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815

2019 - June .......... 2,833,813 868 105,918 35,824 2,612 8,676 537 83,776 1,428,424

July........... 2,826,907 869 105,837 34,556 2,554 8,530 656 82,780 1,416,975

Aug........... 2,812,668 871 87,227 31,168 2,512 8,992 579 86,140 1,622,554

Sept.......... 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815

Oct............ 2,792,768 875 108,825 26,284 2,407 8,864 621 83,392 1,753,441

Nov........... 2,776,958 876 89,164 25,404 2,358 7,987 431 85,343 1,757,615

Dec........... 2,804,355 878 108,069 25,225 2,362 8,774 436 83,826 1,746,515

2020 - Jan ............ 2,814,717 880 89,053 25,088 2,302 9,137 746 81,737 1,754,162

Feb ........... 2,802,598 881 95,640 24,754 2,258 9,264 557 82,797 1,755,847

Mar........... 2,796,581 881 116,046 24,079 2,197 9,852 625 78,585 1,765,097

 Apr ........... 2,813,811 881 83,543 23,106 2,144 14,181 641 72,764 1,765,517

May .......... 2,802,004 881 92,743 18,823 2,096 13,214 436 104,546 1,771,971

June ......... 2,838,213 881 91,700 16,526 2,086 13,692 419 80,744 1,762,356

Note—Detail may not add to totals due to rounding. 

TABLE FD-3—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees’ 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

2015 .................. 5,013,530 12,716 60,096 43,958 20,773 41,638 737,096 195,458 -

2016 .................. 5,604,069 13,400 71,524 45,167 22,680 45,880 874,141 192,209 36,441 

2017 .................. 5,771,144 13,404 78,486 45,680 22,090 69,669 912,438 197,835 30,879 

2018 .................. 5,977,617 14,212 94,431 46,616 22,311 93,401 931,838 202,805 26,975 

2019 .................. 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

2019 - June ....... 5,859,045 16,149 101,584 47,578 22,558 101,029 815,093 206,307 48,299 

July........ 5,825,469 16,073 102,729 47,624 22,603 99,379 807,540 200,956 48,901 

Aug........ 6,084,613 15,468 101,846 48,142 22,583 97,511 911,025 185,480 49,847 

Sept....... 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

Oct......... 6,251,829 14,927 103,614 48,213 22,657 94,144 945,609 193,875 51,313 

Nov........ 6,200,010 15,085 98,691 48,334 22,633 92,267 942,179 182,772 51,913 

Dec........ 6,262,363 15,355 104,429 48,399 22,664 93,138 951,540 193,967 52,431 

2020 - Jan ......... 6,251,581 15,374 104,142 48,457 22,694 94,566 947,166 188,341 53,019 

Feb ........ 6,236,576 15,796 101,623 48,472 22,677 93,582 942,900 183,032 53,898 

Mar........ 6,261,804 15,947 106,056 48,475 22,688 93,627 938,641 189,079 53,348 

 Apr ........ 6,173,018 15,617 105,526 48,490 12,689 96,229 934,058 129,922 53,899 

May ....... 6,192,110 12,151 104,432 48,551 11,171 95,208 930,731 128,684 54,468 

June ...... 6,208,461 11,270 107,107 48,598 11,172 98,357 941,296 130,290 53,754 
23 

Note-Detail may not add to totals due to rounding 

September 2020

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

2015 ............................. 24,100 19 107 23,878 96 * 

2016 ............................. 24,367 19 98 24,175 75 * 

2017 ............................. 24,369 19 89 24,209 52 * 

2018 ............................. 22,822 19 80 22,696 27 *

2019 ............................. 21,455 19 69 21,367 * * 

2019 - June .................. 21,997 19 75 21,890 14 *

July................... 21,886 19 77 21,777 14 *

Aug................... 21,688 19 69 21,601 * * 

Sept.................. 21,455 19 69 21,367 * * 

Oct.................... 21,275 19 70 21,187 * * 

Nov................... 21,201 19 70 21,113 * * 

Dec................... 21,211 19 71 21,122 * * 

2020 - Jan .................... 21,080 19 71 20,991 * * 

Feb ................... 20,755 19 63 20,674 * * 

Mar................... 21,184 19 63 21,102 * * 

 Apr ................... 21,109 19 64 21,027 * * 

May .................. 20,405 19 64 20,322 * * 

June ................. 21,019 19 65 20,935 * * 
24 

September 2020 

TABLE FD-5—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within

1 year 

(2)

1-5 

years 

(3) 

5-10 

years 

(4) 

10-20

years

(5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

2015 ............................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61

2016 ............................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63

2017 ............................... 11,642,870 3,263,065 4,746,209 2,320,739 151,686 1,161,170 66

2018 ............................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65

2019 ............................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65

2019 - June .................... 13,739,980 3,948,429 5,623,904 2,587,748 97,719 1,482,180 66

July ..................... 13,878,573 3,947,861 5,715,596 2,618,804 97,735 1,498,577 66

Aug ..................... 13,966,170 4,094,512 5,699,342 2,554,760 105,240 1,512,317 66

Sept.................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65

Oct...................... 14,329,755 4,218,925 5,818,033 2,649,408 104,887 1,538,503 65

Nov ..................... 14,287,972 4,253,343 5,788,593 2,585,783 118,194 1,542,059 65

Dec ..................... 14,344,337 4,105,461 5,922,961 2,643,163 118,184 1,554,568 66

2020 - Jan ...................... 14,299,621 4,070,628 5,935,495 2,607,084 118,121 1,568,294 66

Feb ..................... 14,338,845 4,185,011 5,910,707 2,533,876 148,778 1,560,473 66

Mar ..................... 13,886,350 4,160,444 5,690,478 2,437,426 132,608 1,465,394 65

Apr...................... 14,548,307 5,389,092 5,363,115 2,288,900 125,449 1,381,751 58

May..................... 15,017,875 5,985,793 5,307,002 2,224,677 129,382 1,371,021 56

June.................... 15,687,979 6,416,071 5,442,307 2,287,195 166,049 1,376,357 55

Note—Detail may not add to totals due to rounding. 
25 

Note-Detail may not add to totals due to rounding 

September 2020

TABLE FD-6—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

2015 ....................................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643

2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989

2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262

2018 ....................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209

2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785

2019 – June2 .......................... 21,987,706 21,987,681 21,987,681 - 22,023,283 - 35,602

July2............................ 21,987,706 21,987,681 21,987,681 - 22,022,369 - 34,688

Aug2............................ - 22,427,545 22,427,545 - 22,460,467 - 32,922

Sept2........................... - 22,686,617 22,686,617 - 22,719,402 - 32,785

Oct2............................. - 22,961,750 22,961,750 - 23,008,410 - 46,659

Nov2............................ - 23,030,572 23,030,572 - 23,076,199 - 45,627

Dec2............................ - 23,155,700 23,155,700 - 23,201,380 - 45,680

2020 – Jan2 ............................ - 23,180,804 23,180,804 - 23,223,813 - 43,009

Feb2 ............................ - 23,370,134 23,370,134 - 23,409,959 - 39,826

Mar1 ............................ - 23,654,178 23,654,178 - 23,686,871 - 32,693

Apr1............................. - 24,944,144 24,944,144 - 24,974,172 - 30,028

May1 ........................... - 25,716,563 25,716,563 - 25,746,260 - 29,697

June1 .......................... - 26,450,464 26,450,464 - 26,477,241 - 26,777

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act, 2018, Public Law 115-123, the 

Statutory Debt Limit was suspended through March 1, 2019. The Statutory Debt Limit in 31

U.S.C. 3101(b) was permanently increased effective March 2, 2019, to $21,987,705,611,407.70. 

 (2) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and 

Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was 

suspended through March 1, 2019.
26 

September 2020 

TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

2015 ....................................... 1,306,402 19,261 26,261 23,057 626 688

2016 ....................................... 1,389,173 25,620 24,585 24,130 654 636

2017 ....................................... 1,442,633 19,810 21,940 26,992 645 601

2018 ....................................... 1,512,469 23,005 19,325 26,797 583 453

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432

2019 - June ............................ 1,632,530 33,759 20,098 28,450 578 453

July............................. 1,633,877 33,414 20,098 28,450 578 453

Aug............................. 1,623,098 35,815 20,931 29,354 633 431

Sept............................ 1,570,919 39,017 21,041 29,605 660 432

Oct.............................. 1,604,873 24,801 21,159 29,783 664 432

Nov............................. 1,614,629 34,384 21,284 30,048 666 432

Dec............................. 1,619,796 37,700 21,454 30,203 669 432

2020 - Jan .............................. 1,633,513 32,843 21,513 30,439 673 432

Feb ............................. 1,638,310 36,525 21,563 30,664 675 432

Mar............................. 1,670,273 35,200 20,267 30,021 554 432

 Apr ............................. 1,707,721 34,967 20,403 29,145 559 432

May ............................ 1,826,820 41,370 20,513 29,308 560 432

June ........................... 1,917,615 41,707 20,689 29,438 568 432

Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

2015 ....................................... 1,050,374 4,649 26,921 127 58,050

2016 ....................................... 1,126,370 4,759 30,318 128 59,043

2017 ....................................... 1,178,495 5,009 27,954 128 61,270

2018 ....................................... 1,258,499 5,531 24,709 134 61,584

2019 ....................................... 1,287,510 5,280 30,386 24 63,751

2019 - June............................ 1,351,664 5,294 33,334 135 63,587

July............................. 1,352,731 5,294 33,334 134 63,427

Aug............................. 1,340,866 5,451 33,334 30 63,700

Sept............................ 1,287,510 5,280 30,386 24 63,751

Oct ............................. 1,334,055 5,380 30,386 24 64,087

Nov............................. 1,333,325 5,630 30,386 25 64,306

Dec............................. 1,333,325 5,530 30,386 25 65,060

2020 - Jan.............................. 1,350,827 5,530 30,386 25 65,200

Feb............................. 1,350,827 5,530 30,386 25 65,670

Mar............................. 1,368,364 5,530 44,722 25 66,520

 Apr ............................. 1,376,702 5,770 44,722 25 70,921

May ............................ 1,376,702 5,820 44,722 25 71,430

June ........................... 1,306,769 5,870 44,722 25 72,370
27 

September 2020

TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

2015 ...................................... 22,725 3,498 7,176 62,989

2016 ...................................... 25,022 3,577 8,020 56,308

2017 ...................................... 24,645 3,712 7,693 63,739

2018 ...................................... 20,213 3,725 11,212 56,699

2019 ...................................... 16,946 3,934 11,810 60,091

2019 - June ........................... 20,259 2,802 12,500 59,617

July............................ 20,259 3,199 12,534 59,972

Aug............................ 16,946 3,533 12,639 59,435

Sept........................... 16,946 3,934 11,810 60,523

Oct............................. 16,946 4,337 11,810 61,009

Nov............................ 16,946 4,671 11,334 61,192

Dec............................ 16,946 5,062 11,334 61,670

2020 - Jan ............................. 16,946 5,454 11,334 61,911

Feb ............................ 16,946 5,734 11,334 61,999

Mar............................ 16,946 6,086 13,437 62,169

 Apr ............................ 16,946 6,475 38,074 62,580

May ........................... 16,946 6,870 68,084 144,038

June .......................... 16,946 3,021 218,115 156,943

Note—Detail may not add to totals due to rounding. 
28 

September 2020 

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: APRIL-JUNE 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

A P R I L 

Auction of 69-Day Cash Management Bills 

On March 30, 2020, Treasury announced it would 

auction $45,000 million of 69-day bills. They were 

issued April 1 and matured June 9. The issue was to 

raise new cash of approximately $45,000 million. 

Treasury auctioned the bills on March 31. Tenders 

totaled $128,932 million; Treasury accepted $45,000 

million, including less than $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.070 percent. 

Auction of 42-Day Cash Management Bills 

On March 26, 2020, Treasury announced it would 

auction $60,000 million of 42-day bills. They were 

issued April 2 and matured May 14. The issue was to 

raise new cash of approximately $60,000 million. 

Treasury auctioned the bills on March 31. Tenders 

totaled $167,417 million; Treasury accepted $60,000 

million, including $7 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.080 percent. 

Auction of 119-Day Cash Management Bills 

On March 31, 2020, Treasury announced it would 

auction $40,000 million of 119-day bills. They were 

issued April 2 and will mature July 30. The issue was 

to raise new cash of approximately $40,000 million. 

Treasury auctioned the bills on April 1. Tenders 

totaled $119,540 million; Treasury accepted $40,001 

million, including less than $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.130 percent. 

Auction of 39-Day Cash Management Bills 

On March 31, 2020, Treasury announced it would 

auction $45,000 million of 39-day bills. They were 

issued April 3 and matured May 12. The issue was to 

raise new cash of approximately $45,000 million. 

Treasury auctioned the bills on April 1. Tenders 

totaled $138,014 million; Treasury accepted $45,000 

million, including $3 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.080 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 29

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

Auction of 102-Day Cash Management Bills 

On April 1, 2020, Treasury announced it would 

auction $40,000 million of 102-day bills. They were 

issued April 3 and matured July 14. The issue was to 

raise new cash of approximately $40,000 million. 

Treasury auctioned the bills on April 2. Tenders 

totaled $122,269 million; Treasury accepted $40,000 

million, including less than $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.125 percent. 

Auction of 3-Year Notes 

On April 2, 2020, Treasury announced it would 

auction $40,000 million of 3-year notes. The issue was 

to refund $79,148 million of securities maturing April 

15 and to raise new cash of approximately $2,852 

million. 

The 3-year notes of Series AL-2023 were dated 

and issued April 15. They are due April 15, 2023, with 

interest payable on October 15 and April 15 until 

maturity. Treasury set an interest rate of 0-1/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon Eastern Time (ET) for noncompetitive 

tenders and before 1:00 p.m. ET for competitive 

tenders on April 6. Tenders totaled $90,970 million; 

Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders 

were allotted securities at the high yield of 0.348 

percent with an equivalent price of $99.707782. 

Treasury accepted in full all competitive tenders at 

yields lower than 0.348 percent. Tenders at the high 

yield were allotted 71.46 percent. The median yield 

was 0.318 percent, and the low yield was 0.230 

percent. Noncompetitive tenders totaled $28 million. 

Competitive tenders accepted from private investors 

totaled $39,872 million. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$132 million from FRBs for their own accounts. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) 

of notes of Series AL-2023 is $100. 

Auction of 9-Year 10-Month 1-1/2 Percent 

Notes 

On April 2, 2020, Treasury announced it would 

auction $25,000 million of 9-year 10-month 1-1/2 

percent notes. The issue was to refund $79,148 million 

of securities maturing April 15 and to raise new cash 

of approximately $2,852 million. 

The 9-year 10-month 1-1/2 percent notes of Series 

B-2030 were dated February 15 and issued April 15.

They are due February 15, 2030, with interest payable

on August 15 and February 15 until maturity.

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 7. 

Tenders totaled $60,846 million; Treasury accepted 

$25,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.782 percent with an equivalent price of 

$106.783664. Treasury accepted in full all competitive 

tenders at yields lower than 0.782 percent. Tenders at 

the high yield were allotted 39.03 percent. The median 

yield was 0.724 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $2 million. 

Competitive tenders accepted from private investors 

totaled $24,998 million. Accrued interest of $2.47253 

per $1,000 must be paid for the period from February 

15 to April 15. 

In addition to the $25,000 million of tenders 

accepted in the auction process, Treasury accepted $82 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series B-2030 is $100. 

Auction of 29-Year 10-Month 2 Percent Bonds 

On April 2, 2020, Treasury announced it would 

auction $17,000 million of 29-year 10-month 2 percent 

bonds. The issue was to refund $79,148 million of 

securities maturing April 15 and to raise new cash of 

approximately $2,852 million. 

The 29-year 10-month 2 percent bonds of February 

2050 were dated February 15 and issued April 15. 

They are due February 15, 2050, with interest payable 

on August 15 and February 15 until maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 8. 

Tenders totaled $39,983 million; Treasury accepted 

$17,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.325 percent with an equivalent price of 

$116.588638. Treasury accepted in full all competitive 

tenders at yields lower than 1.325 percent. Tenders at 

the high yield were allotted 18.15 percent. The median 

yield was 1.270 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $4 million. 

Competitive tenders accepted from private investors 

totaled $16,997 million. Accrued interest of $3.29670 
30 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

per $1,000 must be paid for the period from February 

15 to April 15. 

In addition to the $17,000 million of tenders 

accepted in the auction process, Treasury accepted $56 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

February 2050 is $100. 

Auction of 154-Day Cash Management Bills 

On March 31, 2020, Treasury announced it would 

auction $40,000 million of 154-day bills. They were 

issued April 7 and will mature September 8. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on April 2. 

Tenders totaled $115,885 million; Treasury accepted 

$40,000 million, including $5 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.150 percent. 

Auction of 43-Day Cash Management Bills 

On April 3, 2020, Treasury announced it would 

auction $60,000 million of 43-day bills. They were 

issued April 8 and matured May 21. The issue was to 

raise new cash of approximately $60,000 million. 

Treasury auctioned the bills on April 6. Tenders 

totaled $189,020 million; Treasury accepted $60,000 

million, including $2 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.095 percent. 

Auction of 69-Day Cash Management Bills 

On April 6, 2020, Treasury announced it would 

auction $45,000 million of 69-day bills. They were 

issued April 8 and matured June 16. The issue was to 

raise new cash of approximately $45,000 million. 

Treasury auctioned the bills on April 7. Tenders 

totaled $121,993 million; Treasury accepted $45,000 

million, including less than $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.135 percent. 

Auction of 119-Day Cash Management Bills 

On April 3, 2020, Treasury announced it would 

auction $40,000 million of 119-day bills. They were 

issued April 9 and will mature August 6. The issue was 

to raise new cash of approximately $40,000 million. 

Treasury auctioned the bills on April 7. Tenders 

totaled $109,788 million; Treasury accepted $40,000 

million, including $6 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.180 percent. 

Auction of 103-Day Cash Management Bills 

On April 7, 2020, Treasury announced it would 

auction $40,000 million of 103-day bills. They were 

issued April 9 and will mature July 21. The issue was 

to raise new cash of approximately $40,000 million. 

Treasury auctioned the bills on April 8. Tenders 

totaled $111,606 million; Treasury accepted $40,000 

million, including $4 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.200 percent. 

Auction of 40-Day Cash Management Bills 

On April 7, 2020, Treasury announced it would 

auction $45,000 million of 40-day bills. They were 

issued April 9 and matured May 19. The issue was to 

raise new cash of approximately $45,000 million. 

Treasury auctioned the bills on April 8. Tenders 

totaled $119,378 million; Treasury accepted $45,000 

million, including less than $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.160 percent. 

Auction of 154-Day Cash Management Bills 

On April 7, 2020, Treasury announced it would 

auction $40,000 million of 154-day bills. They were 

issued April 14 and will mature September 15. The 

issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on April 8. 

Tenders totaled $104,114 million; Treasury accepted 

$40,001 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.250 percent. 

Auction of 69-Day Cash Management Bills 

On April 9, 2020, Treasury announced it would 

auction $35,000 million of 69-day bills. They were 

issued April 15 and matured June 23. The issue was to 

raise new cash of approximately $35,000 million. 

Treasury auctioned the bills on April 13. Tenders 

totaled $112,711 million; Treasury accepted $35,000 

million, including $2 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.270 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 31

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

Auction of 43-Day Cash Management Bills 

On April 9, 2020, Treasury announced it would 

auction $65,000 million of 43-day bills. They were 

issued April 15 and matured May 28. The issue was to 

raise new cash of approximately $65,000 million. 

Treasury auctioned the bills on April 14. Tenders 

totaled $202,937 million; Treasury accepted $65,000 

million, including $12 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.190 percent. 

Auction of 119-Day Cash Management Bills 

On April 9, 2020, Treasury announced it would 

auction $25,000 million of 119-day bills. They were 

issued April 16 and will mature August 13. The issue 

was to raise new cash of approximately $25,000 

million. Treasury auctioned the bills on April 14. 

Tenders totaled $103,369 million; Treasury accepted 

$25,000 million, including $13 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.220 percent. 

Auction of 103-Day Cash Management Bills 

On April 14, 2020, Treasury announced it would 

auction $30,000 million of 103-day bills. They were 

issued April 16 and will mature July 28. The issue was 

to raise new cash of approximately $30,000 million. 

Treasury auctioned the bills on April 15. Tenders 

totaled $99,621 million; Treasury accepted $30,000 

million, including less than $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.165 percent. 

Auction of 154-Day Cash Management Bills 

On April 14, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued April 21 and will mature September 22. The 

issue was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on April 15. 

Tenders totaled $94,066 million; Treasury accepted 

$30,000 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.190 percent. 

Auction of 43-Day Cash Management Bills 

On April 16, 2020, Treasury announced it would 

auction $65,000 million of 43-day bills. They were 

issued April 22 and matured June 4. The issue was to 

raise new cash of approximately $65,000 million. 

Treasury auctioned the bills on April 20. Tenders 

totaled $187,663 million; Treasury accepted $65,000 

million, including $11 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.120 percent. 

Auction of 119-Day Cash Management Bills 

On April 16, 2020, Treasury announced it would 

auction $25,000 million of 119-day bills. They were 

issued April 23 and will mature August 20. The issue 

was to raise new cash of approximately $25,000 

million. Treasury auctioned the bills on April 21. 

Tenders totaled $87,716 million; Treasury accepted 

$25,000 million, including $28 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 

Auction of 52-Week Bills 

On April 16, 2020, Treasury announced it would 

auction $28,000 million of 364-day Treasury bills. 

They were issued April 23 and will mature April 22, 

2021. The issue was to refund $96,775 million of all 

maturing bills and to raise new cash of approximately 

$91,225 million. Treasury auctioned the bills on April 

21. Tenders totaled $94,594 million; Treasury

accepted $28,000 million, including $209 million of

noncompetitive tenders from the public. The high bank

discount rate was 0.165 percent.

In addition to the $28,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,955 million from FRBs for their own accounts. 

Auction of 5-Year Treasury Inflation Protected 

Security (TIPS) 

On April 16, 2020, Treasury announced it would 

auction $17,000 million of 5-year TIPS. The issue was 

to refund $137,570 million of securities maturing April 

30 and to raise new cash of approximately $21,430 

million. 

The 5-year TIPS of Series X-2025 were dated 

April 15 and issued April 30. They are due April 15, 

2025, with interest payable on October 15 and April 15 

until maturity. Treasury set an interest rate of 0-1/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 23. 

Tenders totaled $46,589 million; Treasury accepted 

$17,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 
32 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

yield of -0.320 percent with an equivalent adjusted 

price of $102.366204. Treasury accepted in full all 

competitive tenders at yields lower than -0.320 

percent. Tenders at the high yield were allotted 61.18 

percent. The median yield was -0.375 percent, and the 

low yield was -0.880 percent. Noncompetitive tenders 

totaled $75 million. Competitive tenders accepted from 

private investors totaled $16,925 million. Adjusted 

accrued interest of $0.05130 per $1,000 must be paid 

for the period from April 15 to April 30. Both the 

unadjusted price of $102.226154 and the unadjusted 

accrued interest of $0.05123 were adjusted by an index 

ratio of 1.00137, for the period from April 15 to April 

30. 

In addition to the $17,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,476 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series X-2025 is $100. 

Auction of 103-Day Cash Management Bills 

On April 21, 2020, Treasury announced it would 

auction $30,000 million of 103-day bills. They were 

issued April 23 and will mature August 4. The issue 

was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on April 22. 

Tenders totaled $93,008 million; Treasury accepted 

$30,000 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.105 percent. 

Auction of 154-Day Cash Management Bills 

On April 21, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued April 28 and will mature September 29. The 

issue was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on April 22. 

Tenders totaled $92,360 million; Treasury accepted 

$30,000 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.135 percent. 

Auction of 2-Year Notes 

On April 23, 2020, Treasury announced it would 

auction $42,000 million of 2-year notes. The issue was 

to refund $137,570 million of securities maturing April 

30 and to raise new cash of approximately $21,430 

million. 

The 2-year notes of Series AZ-2022 were dated 

and issued April 30. They are due April 30, 2022, with 

interest payable on October 31 and April 30 until 

maturity. Treasury set an interest rate of 0-1/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on April 27. 

Tenders totaled $130,295 million; Treasury accepted 

$42,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.229 percent with an equivalent price of 

$99.792594. Treasury accepted in full all competitive 

tenders at yields lower than 0.229 percent. Tenders at 

the high yield were allotted 72.96 percent. The median 

yield was 0.185 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $112 million. 

Competitive tenders accepted from private investors 

totaled $41,788 million. 

In addition to the $42,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,647 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AZ-2022 is $100. 

Auction of 5-Year Notes 

On April 23, 2020, Treasury announced it would 

auction $43,000 million of 5-year notes. The issue was 

to refund $137,570 million of securities maturing April 

30 and to raise new cash of approximately $21,430 

million. 

The 5-year notes of Series Y-2025 were dated and 

issued April 30. They are due April 30, 2025, with 

interest payable on October 31 and April 30 until 

maturity. Treasury set an interest rate of 0-3/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 27. 

Tenders totaled $117,697 million; Treasury accepted 

$43,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.394 percent with an equivalent price of 

$99.906021. Treasury accepted in full all competitive 

tenders at yields lower than 0.394 percent. Tenders at 

the high yield were allotted 49.71 percent. The median 

yield was 0.350 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $16 million. 

Competitive tenders accepted from private investors 

totaled $42,984 million. 

In addition to the $43,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,734 million from FRBs for their own accounts. The 
BUREAU OF THE FISCAL SERVICE OPERATIONS 33

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

minimum par amount required for STRIPS of notes of 

Series Y-2025 is $100. 

Auction of 7-Year Notes 

On April 23, 2020, Treasury announced it would 

auction $35,000 million of 7-year notes. The issue was 

to refund $137,570 million of securities maturing April 

30 and to raise new cash of approximately $21,430 

million. 

The 7-year notes of Series K-2027 were dated and 

issued April 30. They are due April 30, 2027, with 

interest payable on October 31 and April 30 until 

maturity. Treasury set an interest rate of 0-1/2 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 28. 

Tenders totaled $89,758 million; Treasury accepted 

$35,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.525 percent with an equivalent price of 

$99.828398. Treasury accepted in full all competitive 

tenders at yields lower than 0.525 percent. Tenders at 

the high yield were allotted 26.91 percent. The median 

yield was 0.470 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors 

totaled $34,994 million. 

In addition to the $35,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,040 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series K-2027 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On April 23, 2020, Treasury announced it would 

auction $22,000 million of 2-year FRNs. The issue 

was to refund $137,570 million of securities maturing 

April 30 and to raise new cash of approximately 

$21,430 million. 

The 2-year FRNs of Series BA-2022 were dated 

and issued April 30. They are due April 30, 2022, with 

interest payable on July 31, October 31, January 31, 

and April 30 until maturity. Treasury set a spread of 

0.114 percent after determining which tenders were 

accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on April 28. 

Tenders totaled $66,362 million; Treasury accepted 

$22,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.114 percent with an equivalent 

price of $100.000000. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.114 percent. Tenders at the high discount margin 

were allotted 33.89 percent. The median discount 

margin was 0.101 percent, and the low discount 

margin was 0.070 percent. Noncompetitive tenders 

totaled $21 million. Competitive tenders accepted from 

private investors totaled $21,979 million. 

In addition to the $22,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,911 million from FRBs for their own accounts. 

Auction of 43-Day Cash Management Bills 

On April 23, 2020, Treasury announced it would 

auction $55,000 million of 43-day bills. They were 

issued April 29 and matured June 11. The issue was to 

raise new cash of approximately $55,000 million. 

Treasury auctioned the bills on April 28. Tenders 

totaled $177,092 million; Treasury accepted $55,001 

million, including $12 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.085 percent. 

Auction of 119-Day Cash Management Bills 

On April 23, 2020, Treasury announced it would 

auction $25,000 million of 119-day bills. They were 

issued April 30 and will mature August 27. The issue 

was to raise new cash of approximately $25,000 

million. Treasury auctioned the bills on April 29. 

Tenders totaled $87,520 million; Treasury accepted 

$25,001 million, including $4 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 

Auction of 273-Day Cash Management Bills 

On April 23, 2020, Treasury announced it would 

auction $25,000 million of 273-day bills. They were 

issued April 30 and will mature January 28, 2021. The 

issue was to raise new cash of approximately $25,000 

million. Treasury auctioned the bills on April 29. 

Tenders totaled $74,413 million; Treasury accepted 

$25,000 million, including $4 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.165 percent. 

Auction of 103-Day Cash Management Bills 

On April 28, 2020, Treasury announced it would 

auction $30,000 million of 103-day bills. They were 
34 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

issued April 30 and will mature August 11. The issue 

was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on April 29. 

Tenders totaled $91,592 million; Treasury accepted 

$30,000 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.115 percent. 

M A Y 

Auction of 154-Day Cash Management Bills 

On April 28, 2020, Treasury announced it would 

auction $30,000 million of 154-day bills. They were 

issued May 5 and will mature October 6. The issue 

was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on April 30. 

Tenders totaled $86,975 million; Treasury accepted 

$30,000 million, including $5 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.140 percent. 

Auction of 105-Day Cash Management Bills 

On April 30, 2020, Treasury announced it would 

auction $30,000 million of 105-day bills. They were 

issued May 5 and will mature August 18. The issue 

was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on May 4. 

Tenders totaled $100,534 million; Treasury accepted 

$30,000 million, including $5 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.115 percent. 

Auction of 119-Day Cash Management Bills 

On April 30, 2020, Treasury announced it would 

auction $30,000 million of 119-day bills. They were 

issued May 7 and will mature September 3. The issue 

was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on May 5. 

Tenders totaled $101,400 million; Treasury accepted 

$30,000 million, including $14 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.130 percent. 

Auction of 42-Day Cash Management Bills 

On April 30, 2020, Treasury announced it would 

auction $65,000 million of 42-day bills. They were 

issued May 7 and matured June 18. The issue was to 

raise new cash of approximately $65,000 million. 

Treasury auctioned the bills on May 5. Tenders totaled 

$178,384 million; Treasury accepted $65,000 million, 

including $10 million of noncompetitive tenders from 

the public. The high bank discount rate was 0.115 

percent. 

Auction of 154-Day Cash Management Bills 

On May 5, 2020, Treasury announced it would 

auction $35,000 million of 154-day bills. They were 

issued May 12 and will mature October 13. The issue 

was to raise new cash of approximately $35,000 

million. Treasury auctioned the bills on May 6. 

Tenders totaled $101,943 million; Treasury accepted 

$35,000 million, including less than $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.150 percent. 

Auction of 105-Day Cash Management Bills 

On May 5, 2020, Treasury announced it would 

auction $30,000 million of 105-day bills. They were 

issued May 12 and will mature August 25. The issue 

was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on May 7. 

Tenders totaled $90,099 million; Treasury accepted 

$30,000 million, including $4 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.125 percent. 

May Quarterly Financing 

On May 6, 2020, Treasury announced it would 

auction $42,000 million of 3-year notes, $32,000 

million of 10-year notes, and $22,000 million of 30-

year bonds to refund $56,961 million of securities 

maturing May 15, 2020 and to raise new cash of 

approximately $39,039 million. 

The 3-year notes of Series AM-2023 were dated 

and issued May 15. They are due May 15, 2023, with 

interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 0-1/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 11. 

Tenders totaled $106,872 million; Treasury accepted 

$42,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.230 percent with an equivalent price of 

$99.686264. Treasury accepted in full all competitive 

tenders at yields lower than 0.230 percent. Tenders at 

the high yield were allotted 29.24 percent. The median 

yield was 0.199 percent, and the low yield was 0.080 
BUREAU OF THE FISCAL SERVICE OPERATIONS 35

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors 

totaled $41,968 million. 

In addition to the $42,000 million of tenders 

accepted in the auction process, Treasury accepted 

$22,212 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

notes of Series AM-2023 is $100. 

The 10-year notes of Series C-2030 were dated and 

issued May 15. They are due May 15, 2030, with 

interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 0-5/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 12. 

Tenders totaled $85,964 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.700 percent with an equivalent price of 

$99.276869. Treasury accepted in full all competitive 

tenders at yields lower than 0.700 percent. Tenders at 

the high yield were allotted 28.91 percent. The median 

yield was 0.650 percent, and the low yield was 0.590 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors 

totaled $31,989 million. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$16,923 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

notes of Series C-2030 is $100. 

The 30-year bonds of May 2050 were dated and 

issued May 15. They are due May 15, 2050, with 

interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 1-1/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 13. 

Tenders totaled $50,631 million; Treasury accepted 

$22,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.342 percent with an equivalent price of 

$97.734134. Treasury accepted in full all competitive 

tenders at yields lower than 1.342 percent. Tenders at 

the high yield were allotted 98.50 percent. The median 

yield was 1.279 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors 

totaled $21,994 million. 

In addition to the $22,000 million of tenders 

accepted in the auction process, Treasury accepted 

$11,635 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

bonds of May 2050 is $100. 

Auction of 119-Day Cash Management Bills 

On May 7, 2020, Treasury announced it would 

auction $35,000 million of 119-day bills. They were 

issued May 14 and will mature September 10. The 

issue was to raise new cash of approximately $35,000 

million. Treasury auctioned the bills on May 12. 

Tenders totaled $118,252 million; Treasury accepted 

$35,001 million, including $10 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.145 percent. 

Auction of 42-Day Cash Management Bills 

On May 7, 2020, Treasury announced it would 

auction $65,000 million of 42-day bills. They were 

issued May 14 and matured June 25. The issue was to 

raise new cash of approximately $65,000 million. 

Treasury auctioned the bills on May 12. Tenders 

totaled $190,583 million; Treasury accepted $65,001 

million, including $6 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.110 percent. 

Auction of 105-Day Cash Management Bills 

On May 12, 2020, Treasury announced it would 

auction $35,000 million of 105-day bills. They were 

issued May 19 and will mature September 1. The issue 

was to raise new cash of approximately $35,000 

million. Treasury auctioned the bills on May 13. 

Tenders totaled $122,801 million; Treasury accepted 

$35,000 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.140 percent. 

Auction of 154-Day Cash Management Bills 

On May 12, 2020, Treasury announced it would 

auction $40,000 million of 154-day bills. They were 

issued May 19 and will mature October 20. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on May 13. 

Tenders totaled $118,961 million; Treasury accepted 

$40,000 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.155 percent. 
36 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

Auction of 119-Day Cash Management Bills 

On May 14, 2020, Treasury announced it would 

auction $40,000 million of 119-day bills. They were 

issued May 21 and will mature September 17. The 

issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on May 19. 

Tenders totaled $123,878 million; Treasury accepted 

$40,002 million, including $6 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.140 percent. 

Auction of 42-Day Cash Management Bills 

On May 14, 2020, Treasury announced it would 

auction $65,000 million of 42-day bills. They were 

issued May 21 and matured July 2. The issue was to 

raise new cash of approximately $65,000 million. 

Treasury auctioned the bills on May 19. Tenders 

totaled $188,502 million; Treasury accepted $65,000 

million, including $6 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.105 percent. 

Auction of 52-Week Bills 

On May 14, 2020, Treasury announced it would 

auction $31,000 million of 364-day Treasury bills. 

They were issued May 21 and will mature May 20, 

2021. The issue was to refund $153,840 million of all 

maturing bills and to raise new cash of approximately 

$99,160 million. Treasury auctioned the bills on May 

19. Tenders totaled $102,358 million; Treasury

accepted $31,000 million, including $219 million of

noncompetitive tenders from the public. The high bank

discount rate was 0.160 percent.

In addition to the $31,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,161 million from FRBs for their own accounts. 

Auction of 9-Year 8-Month 0-1/8 Percent TIPS 

On May 14, 2020, Treasury announced it would 

auction $12,000 million of 9-year 8-month 0-1/8 

percent TIPS. The issue was to raise new cash of 

approximately $32,000 million. 

The 9-year 8-month 0-1/8 percent TIPS of Series 

A-2030 were dated January 15 and issued May 29.

They are due January 15, 2030, with interest payable

on July 15 and January 15 until maturity.

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 21. 

Tenders totaled $28,737 million; Treasury accepted 

$12,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of -0.470 percent with an equivalent adjusted 

price of $106.232149. Treasury accepted in full all 

competitive tenders at yields lower than -0.470 

percent. Tenders at the high yield were allotted 29.48 

percent. The median yield was -0.557 percent, and the 

low yield was -0.610 percent. Noncompetitive tenders 

totaled $34 million. Competitive tenders accepted from 

private investors totaled $11,966 million. Adjusted 

accrued interest of $0.46519 per $1,000 must be paid 

for the period from January 15 to May 29. Both the 

unadjusted price of $105.867963 and the unadjusted 

accrued interest of $0.46360 were adjusted by an index 

ratio of 1.00344, for the period from January 15 to 

May 29. The minimum par amount required for 

STRIPS of TIPS of Series A-2030 is $100. 

Auction of 105-Day Cash Management Bills 

On May 19, 2020, Treasury announced it would 

auction $40,000 million of 105-day bills. They were 

issued May 26 and will mature September 8. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on May 20. 

Tenders totaled $121,585 million; Treasury accepted 

$40,001 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.140 percent. 

Auction of 154-Day Cash Management Bills 

On May 19, 2020, Treasury announced it would 

auction $40,000 million of 154-day bills. They were 

issued May 26 and will mature October 27. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on May 20. 

Tenders totaled $117,167 million; Treasury accepted 

$40,001 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.150 percent. 

Auction of 42-Day Cash Management Bills 

On May 21, 2020, Treasury announced it would 

auction $65,000 million of 42-day bills. They were 

issued May 28 and matured July 9. The issue was to 

raise new cash of approximately $65,000 million. 

Treasury auctioned the bills on May 26. Tenders 

totaled $184,267 million; Treasury accepted $65,001 

million, including $4 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.120 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 37

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

Auction of 119-Day Cash Management Bills 

On May 21, 2020, Treasury announced it would 

auction $40,000 million of 119-day bills. They were 

issued May 28 and will mature September 24. The 

issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on May 27. 

Tenders totaled $109,816 million; Treasury accepted 

$40,000 million, including $14 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.170 percent. 

Auction of 1-Year 11-Month 0.114 Percent 

FRNs 

On May 21, 2020, Treasury announced it would 

auction $20,000 million of 1-year 11-month 0.114 

percent FRNs. The issue was to raise new cash of 

approximately $32,000 million. 

The 1-year 11-month 0.114 percent FRNs of Series 

BA-2022 were dated April 30 and issued May 29. 

They are due April 30, 2022, with interest payable on 

July 31, October 31, January 31, and April 30 until 

maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on May 27. 

Tenders totaled $62,315 million; Treasury accepted 

$20,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.098 percent with an equivalent 

price of $100.031070. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.098 percent. Tenders at the high discount margin 

were allotted 51.46 percent. The median discount 

margin was 0.090 percent, and the low discount 

margin was 0.040 percent. Noncompetitive tenders 

totaled $7 million. Competitive tenders accepted from 

private investors totaled $19,993 million. Accrued 

interest of $0.019047505 per $100 must be paid for the 

period from April 30 to May 29. 

Auction of 273-Day Cash Management Bills 

On May 21, 2020, Treasury announced it would 

auction $25,000 million of 273-day bills. They were 

issued May 28 and will mature February 25, 2021. The 

issue was to raise new cash of approximately $25,000 

million. Treasury auctioned the bills on May 27. 

Tenders totaled $79,271 million; Treasury accepted 

$25,000 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.180 percent.

J U N E 

Auction of 20-Year Bonds 

On May 14, 2020, Treasury announced it would 

auction $20,000 million of 20-year bonds. The issue 

was to refund $87,288 million of securities maturing 

May 31 and to raise new cash of approximately 

$59,712 million. 

The 20-year bonds of May 2040 were dated May 

15 and issued June 1. They are due May 15, 2040, with 

interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 1-1/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 20. 

Tenders totaled $50,629 million; Treasury accepted 

$20,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.220 percent with an equivalent price of 

$98.321703. Treasury accepted in full all competitive 

tenders at yields lower than 1.220 percent. Tenders at 

the high yield were allotted 8.25 percent. The median 

yield was 1.159 percent, and the low yield was 0.088 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors 

totaled $19,994 million. Accrued interest of $0.51970 

per $1,000 must be paid for the period from May 15 to 

June 1. 

In addition to the $20,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,100 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

May 2040 is $100. 

Auction of 2-Year Notes 

On May 21, 2020, Treasury announced it would 

auction $44,000 million of 2-year notes. The issue was 

to refund $87,288 million of securities maturing May 

31 and to raise new cash of approximately $59,712 

million. 

The 2-year notes of Series BB-2022 were dated 

May 31 and issued June 1. They are due May 31, 

2022, with interest payable on November 30 and May 

31 until maturity. Treasury set an interest rate of 0-1/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 26. 

Tenders totaled $118,050 million; Treasury accepted 
38 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

$44,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.178 percent with an equivalent price of 

$99.894379. Treasury accepted in full all competitive 

tenders at yields lower than 0.178 percent. Tenders at 

the high yield were allotted 18.84 percent. The median 

yield was 0.147 percent, and the low yield was 0.018 

percent. Noncompetitive tenders totaled $110 million. 

Competitive tenders accepted from private investors 

totaled $43,790 million. Accrued interest of $0.00342 

per $1,000 must be paid for the period from May 31 to 

June 1. 

In addition to the $44,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,619 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BB-2022 is $100. 

Auction of 5-Year Notes 

On May 21, 2020, Treasury announced it would 

auction $45,000 million of 5-year notes. The issue was 

to refund $87,288 million of securities maturing May 

31 and to raise new cash of approximately $59,712 

million. 

The 5-year notes of Series Z-2025 were dated May 

31 and issued June 1. They are due May 31, 2025, with 

interest payable on November 30 and May 31 until 

maturity. Treasury set an interest rate of 0-1/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 27. 

Tenders totaled $102,790 million; Treasury accepted 

$45,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.334 percent with an equivalent price of 

$99.584056. Treasury accepted in full all competitive 

tenders at yields lower than 0.334 percent. Tenders at 

the high yield were allotted 36.96 percent. The median 

yield was 0.280 percent, and the low yield was 0.088 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors 

totaled $44,983 million. Accrued interest of $0.00683 

per $1,000 must be paid for the period from May 31 to 

June 1. 

In addition to the $45,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,724 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series Z-2025 is $100. 

Auction of 7-Year Notes 

On May 21, 2020, Treasury announced it would 

auction $38,000 million of 7-year notes. The issue was 

to refund $87,288 million of securities maturing May 

31 and to raise new cash of approximately $59,712 

million. 

The 7-year notes of Series L-2027 were dated May 

31 and issued June 1. They are due May 31, 2027, with 

interest payable on November 30 and May 31 until 

maturity. Treasury set an interest rate of 0-1/2 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 28. 

Tenders totaled $96,810 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.553 percent with an equivalent price of 

$99.636717. Treasury accepted in full all competitive 

tenders at yields lower than 0.553 percent. Tenders at 

the high yield were allotted 42.30 percent. The median 

yield was 0.500 percent, and the low yield was 0.420 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors 

totaled $37,991 million. Accrued interest of $0.01366 

per $1,000 must be paid for the period from May 31 to 

June 1. 

In addition to the $38,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,989 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series L-2027 is $100. 

Auction of 105-Day Cash Management Bills 

On May 26, 2020, Treasury announced it would 

auction $40,000 million of 105-day bills. They were 

issued June 2 and will mature September 15. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on May 27. 

Tenders totaled $122,420 million; Treasury accepted 

$40,000 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.165 percent. 

Auction of 154-Day Cash Management Bills 

On May 26, 2020, Treasury announced it would 

auction $40,000 million of 154-day bills. They were 

issued June 2 and will mature November 3. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on May 28. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 39

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

Tenders totaled $126,491 million; Treasury accepted 

$40,000 million, including $9 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.170 percent. 

Auction of 119-Day Cash Management Bills 

On May 28, 2020, Treasury announced it would 

auction $40,000 million of 119-day bills. They were 

issued June 4 and will mature October 1. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on June 2. 

Tenders totaled $124,185 million; Treasury accepted 

$40,001 million, including $19 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.165 percent. 

Auction of 42-Day Cash Management Bills 

On May 28, 2020, Treasury announced it would 

auction $65,000 million of 42-day bills. They were 

issued June 4 and will mature July 16. The issue was 

to raise new cash of approximately $65,000 million. 

Treasury auctioned the bills on June 2. Tenders totaled 

$184,157 million; Treasury accepted $65,002 million, 

including $24 million of noncompetitive tenders from 

the public. The high bank discount rate was 0.135 

percent. 

Auction of 105-Day Cash Management Bills 

On June 2, 2020, Treasury announced it would 

auction $40,000 million of 105-day bills. They were 

issued June 9 and will mature September 22. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on June 3. 

Tenders totaled $130,141 million; Treasury accepted 

$40,000 million, including less than $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.170 percent. 

Auction of 154-Day Cash Management Bills 

On June 2, 2020, Treasury announced it would 

auction $40,000 million of 154-day bills. They were 

issued June 9 and will mature November 10. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on June 3. 

Tenders totaled $124,527 million; Treasury accepted 

$40,000 million, including $4 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.180 percent. 

Auction of 119-Day Cash Management Bills 

On June 4, 2020, Treasury announced it would 

auction $40,000 million of 119-day bills. They were 

issued June 11 and will mature October 8. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on June 9. 

Tenders totaled $132,065 million; Treasury accepted 

$40,000 million, including $28 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.185 percent. 

Auction of 42-Day Cash Management Bills 

On June 4, 2020, Treasury announced it would 

auction $60,000 million of 42-day bills. They were 

issued June 11 and will mature July 23. The issue was 

to raise new cash of approximately $60,000 million. 

Treasury auctioned the bills on June 9. Tenders totaled 

$162,171 million; Treasury accepted $60,000 million, 

including $12 million of noncompetitive tenders from 

the public. The high bank discount rate was 0.165 

percent. 

Auction of 3-Year Notes 

On June 4, 2020, Treasury announced it would 

auction $44,000 million of 3-year notes. The issue was 

to refund $22,692 million of securities maturing June 

15 and to raise new cash of approximately $69,308 

million. 

The 3-year notes of Series AN-2023 were dated 

and issued June 15. They are due June 15, 2023, with 

interest payable on December 15 and June 15 until 

maturity. Treasury set an interest rate of 0-1/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 8. 

Tenders totaled $112,001 million; Treasury accepted 

$44,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.280 percent with an equivalent price of 

$99.910439. Treasury accepted in full all competitive 

tenders at yields lower than 0.280 percent. Tenders at 

the high yield were allotted 99.87 percent. The median 

yield was 0.240 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors 

totaled $43,983 million. 

In addition to the $44,000 million of tenders 

accepted in the auction process, Treasury accepted 

$626 million from FRBs for their own accounts. The 
40 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

minimum par amount required for STRIPS of notes of 

Series AN-2023 is $100. 

Auction of 9-Year 11-Month 0-5/8 Percent 

Notes 

On June 4, 2020, Treasury announced it would 

auction $29,000 million of 9-year 11-month 0-5/8 

percent notes. The issue was to refund $22,692 million 

of securities maturing June 15 and to raise new cash of 

approximately $69,308 million. 

The 9-year 11-month 0-5/8 percent notes of Series 

C-2030 were dated May 15 and issued June 15. They

are due May 15, 2030, with interest payable on

November 15 and May 15 until maturity.

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 9. 

Tenders totaled $65,653 million; Treasury accepted 

$29,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.832 percent with an equivalent price of 

$98.033536. Treasury accepted in full all competitive 

tenders at yields lower than 0.832 percent. Tenders at 

the high yield were allotted 52.09 percent. The median 

yield was 0.769 percent, and the low yield was 0.700 

percent. Noncompetitive tenders totaled $1 million. 

Competitive tenders accepted from private investors 

totaled $28,999 million. Accrued interest of $0.52649 

per $1,000 must be paid for the period from May 15 to 

June 15. 

In addition to the $29,000 million of tenders 

accepted in the auction process, Treasury accepted 

$412 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series C-2030 is $100. 

Auction of 29-Year 11-Month 1-1/4 Percent 

Bonds 

On June 4, 2020, Treasury announced it would 

auction $19,000 million of 29-year 11-month 1-1/4 

percent bonds. The issue was to refund $22,692 

million of securities maturing June 15 and to raise new 

cash of approximately $69,308 million. 

The 29-year 11-month 1-1/4 percent bonds of May 

2050 were dated May 15 and issued June 15. They are 

due May 15, 2050, with interest payable on November 

15 and May 15 until maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 11. 

Tenders totaled $43,715 million; Treasury accepted 

$19,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.450 percent with an equivalent price of 

$95.158932. Treasury accepted in full all competitive 

tenders at yields lower than 1.450 percent. Tenders at 

the high yield were allotted 62.36 percent. The median 

yield was 1.380 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $1 million. 

Competitive tenders accepted from private investors 

totaled $18,999 million. Accrued interest of $1.05299 

per $1,000 must be paid for the period from May 15 to 

June 15. 

In addition to the $19,000 million of tenders 

accepted in the auction process, Treasury accepted 

$270 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

May 2050 is $100. 

Auction of 105-Day Cash Management Bills 

On June 9, 2020, Treasury announced it would 

auction $35,000 million of 105-day bills. They were 

issued June 16 and will mature September 29. The 

issue was to raise new cash of approximately $35,000 

million. Treasury auctioned the bills on June 10. 

Tenders totaled $122,334 million; Treasury accepted 

$35,001 million, including $7 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.180 percent. 

Auction of 154-Day Cash Management Bills 

On June 9, 2020, Treasury announced it would 

auction $40,000 million of 154-day bills. They were 

issued June 16 and will mature November 17. The 

issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on June 10. 

Tenders totaled $118,154 million; Treasury accepted 

$40,001 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.190 percent. 

Auction of 119-Day Cash Management Bills 

On June 11, 2020, Treasury announced it would 

auction $40,000 million of 119-day bills. They were 

issued June 18 and will mature October 15. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on June 16. 

Tenders totaled $134,612 million; Treasury accepted 

$40,000 million, including $12 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.180 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 41

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

Auction of 42-Day Cash Management Bills 

On June 11, 2020, Treasury announced it would 

auction $50,000 million of 42-day bills. They were 

issued June 18 and will mature July 30. The issue was 

to raise new cash of approximately $50,000 million. 

Treasury auctioned the bills on June 16. Tenders 

totaled $141,076 million; Treasury accepted $50,001 

million, including $27 million of noncompetitive 

tenders from the public. The high bank discount rate 

was 0.150 percent. 

Auction of 52-Week Bills 

On June 11, 2020, Treasury announced it would 

auction $34,000 million of 364-day Treasury bills. 

They were issued June 18 and will mature June 17, 

2021. The issue was to refund $152,824 million of all 

maturing bills and to raise new cash of approximately 

$85,176 million. Treasury auctioned the bills on June 

16. Tenders totaled $98,916 million; Treasury

accepted $34,000 million, including $224 million of

noncompetitive tenders from the public. The high bank

discount rate was 0.200 percent.

In addition to the $34,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,054 million from FRBs for their own accounts. 

Auction of 105-Day Cash Management Bills 

On June 16, 2020, Treasury announced it would 

auction $35,000 million of 105-day bills. They were 

issued June 23 and will mature October 6. The issue 

was to raise new cash of approximately $35,000 

million. Treasury auctioned the bills on June 17. 

Tenders totaled $113,804 million; Treasury accepted 

$35,001 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.170 percent. 

Auction of 154-Day Cash Management Bills 

On June 16, 2020, Treasury announced it would 

auction $40,000 million of 154-day bills. They were 

issued June 23 and will mature November 24. The 

issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on June 17. 

Tenders totaled $128,745 million; Treasury accepted 

$40,001 million, including $1 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.185 percent. 

Auction of 119-Day Cash Management Bills 

On June 18, 2020, Treasury announced it would 

auction $40,000 million of 119-day bills. They were 

issued June 25 and will mature October 22. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on June 23. 

Tenders totaled $133,271 million; Treasury accepted 

$40,001 million, including $10 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.155 percent. 

Auction of 273-Day Cash Management Bills 

On June 18, 2020, Treasury announced it would 

auction $20,000 million of 273-day bills. They were 

issued June 25 and will mature March 25, 2021. The 

issue was to raise new cash of approximately $20,000 

million. Treasury auctioned the bills on June 23. 

Tenders totaled $70,649 million; Treasury accepted 

$20,000 million, including $4 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.180 percent. 

Auction of 42-Day Cash Management Bills 

On June 18, 2020, Treasury announced it would 

auction $40,000 million of 42-day bills. They were 

issued June 25 and will mature August 6. The issue 

was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on June 23. 

Tenders totaled $127,959 million; Treasury accepted 

$40,001 million, including $11 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.125 percent. 

Auction of 19-Year 11-Month 1-1/8 Percent 

Bonds 

On June 11, 2020, Treasury announced it would 

auction $17,000 million of 19-year 11-month 1-1/8 

percent bonds. The issue was to refund $79,521 

million of securities maturing June 30 and to raise new 

cash of approximately $86,479 million. 

The 19-year 11-month 1-1/8 percent bonds of May 

2040 were dated May 15 and issued June 30. They are 

due May 15, 2040, with interest payable on November 

15 and May 15 until maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 17. 

Tenders totaled $44,747 million; Treasury accepted 

$17,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 
42 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

yield of 1.314 percent with an equivalent price of 

$96.702809. Treasury accepted in full all competitive 

tenders at yields lower than 1.314 percent. Tenders at 

the high yield were allotted 54.47 percent. The median 

yield was 1.260 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $1 million. 

Competitive tenders accepted from private investors 

totaled $16,999 million. Accrued interest of $1.40625 

per $1,000 must be paid for the period from May 15 to 

June 30. 

In addition to the $17,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,325 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

May 2040 is $100. 

Auction of 4-Year 10-Month 0-1/8 Percent TIPS 

On June 11, 2020, Treasury announced it would 

auction $15,000 million of 4-year 10-month 0-1/8 

percent TIPS. The issue was to refund $79,521 million 

of securities maturing June 30 and to raise new cash of 

approximately $86,479 million. 

The 4-year 10-month 0-1/8 percent TIPS of Series 

X-2025 were dated April 15 and issued June 30. They

are due April 15, 2025, with interest payable on

October 15 and April 15 until maturity.

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 18. 

Tenders totaled $41,759 million; Treasury accepted 

$15,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of -0.766 percent with an equivalent adjusted 

price of $103.608385. Treasury accepted in full all 

competitive tenders at yields lower than -0.766 

percent. Tenders at the high yield were allotted 36.59 

percent. The median yield was -0.816 percent, and the 

low yield was -0.880 percent. Noncompetitive tenders 

totaled $41 million. Competitive tenders accepted from 

private investors totaled $14,959 million. Adjusted 

accrued interest of $0.25770 per $1,000 must be paid 

for the period from April 15 to June 30. Both the 

unadjusted price of $104.357673 and the unadjusted 

accrued interest of $0.25956 were adjusted by an index 

ratio of 0.99282, for the period from April 15 to June 

30. 

In addition to the $15,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,052 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series X-2025 is $100. 

Auction of 1-Year 10-Month 0.114 Percent 

FRNs 

On June 18, 2020, Treasury announced it would 

auction $20,000 million of 1-year 10-month 0.114 

percent FRNs. The issue was to raise new cash of 

approximately $20,000 million. 

The 1-year 10-month 0.114 percent FRNs of Series 

BA-2022 were dated April 30 and issued June 26. 

They are due April 30, 2022, with interest payable on 

July 31, October 31, January 31, and April 30 until 

maturity. 

Treasury received tenders for the FRNs before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 24. 

Tenders totaled $63,115 million; Treasury accepted 

$20,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.080 percent with an equivalent 

price of $100.063394. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.080 percent. Tenders at the high discount margin 

were allotted 89.45 percent. The median discount 

margin was 0.075 percent, and the low discount 

margin was 0.050 percent. Noncompetitive tenders 

totaled $11 million. Competitive tenders accepted from 

private investors totaled $19,989 million. Accrued 

interest of $0.040280294 per $100 must be paid for the 

period from April 30 to June 26. 

Auction of 2-Year Notes 

On June 18, 2020, Treasury announced it would 

auction $46,000 million of 2-year notes. The issue was 

to refund $79,521 million of securities maturing June 

30 and to raise new cash of approximately $86,479 

million. 

The 2-year notes of Series BC-2022 were dated 

and issued June 30. They are due June 30, 2022, with 

interest payable on December 31 and June 30 until 

maturity. Treasury set an interest rate of 0-1/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 23. 

Tenders totaled $113,050 million; Treasury accepted 

$46,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.193 percent with an equivalent price of 

$99.864327. Treasury accepted in full all competitive 

tenders at yields lower than 0.193 percent. Tenders at 

the high yield were allotted 94.81 percent. The median 

yield was 0.160 percent, and the low yield was 0.080 
BUREAU OF THE FISCAL SERVICE OPERATIONS 43

TREASURY FINANCING: APRIL-JUNE, continued 

September 2020 

percent. Noncompetitive tenders totaled $101 million. 

Competitive tenders accepted from private investors 

totaled $45,799 million. 

In addition to the $46,000 million of tenders 

accepted in the auction process, Treasury accepted 

$6,292 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BC-2022 is $100. 

Auction of 5-Year Notes 

On June 18, 2020, Treasury announced it would 

auction $47,000 million of 5-year notes. The issue was 

to refund $79,521 million of securities maturing June 

30 and to raise new cash of approximately $86,479 

million. 

The 5-year notes of Series AA-2025 were dated 

and issued June 30. They are due June 30, 2025, with 

interest payable on December 31 and June 30 until 

maturity. Treasury set an interest rate of 0-1/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 24. 

Tenders totaled $121,074 million; Treasury accepted 

$47,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.330 percent with an equivalent price of 

$99.603606. Treasury accepted in full all competitive 

tenders at yields lower than 0.330 percent. Tenders at 

the high yield were allotted 27.98 percent. The median 

yield was 0.288 percent, and the low yield was 0.220 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors 

totaled $46,985 million. 

In addition to the $47,000 million of tenders 

accepted in the auction process, Treasury accepted 

$6,428 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AA-2025 is $100. 

Auction of 7-Year Notes 

On June 18, 2020, Treasury announced it would 

auction $41,000 million of 7-year notes. The issue was 

to refund $79,521 million of securities maturing June 

30 and to raise new cash of approximately $86,479 

million. 

The 7-year notes of Series M-2027 were dated and 

issued June 30. They are due June 30, 2027, with 

interest payable on December 31 and June 30 until 

maturity. Treasury set an interest rate of 0-1/2 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 25. 

Tenders totaled $102,035 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.511 percent with an equivalent price of 

$99.924456. Treasury accepted in full all competitive 

tenders at yields lower than 0.511 percent. Tenders at 

the high yield were allotted 60.32 percent. The median 

yield was 0.465 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $2 million. 

Competitive tenders accepted from private investors 

totaled $40,998 million. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,608 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series M-2027 is $100. 

Auction of 105-Day Cash Management Bills 

On June 23, 2020, Treasury announced it would 

auction $30,000 million of 105-day bills. They were 

issued June 30 and will mature October 13. The issue 

was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on June 24. 

Tenders totaled $100,462 million; Treasury accepted 

$30,001 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.150 percent. 

Auction of 154-Day Cash Management Bills 

On June 23, 2020, Treasury announced it would 

auction $35,000 million of 154-day bills. They were 

issued June 30 and will mature December 1. The issue 

was to raise new cash of approximately $35,000 

million. Treasury auctioned the bills on June 24. 

Tenders totaled $112,721 million; Treasury accepted 

$35,001 million, including $2 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.165 percent. 
44 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 8 week, 13 week, and 26 week) 

2020 – Apr. 02............................................... 2020-July 02 91 130,649.2 53,170.7 49,476.7 523.3 99.978514 0.085 0.086

Oct. 01 182 116,151.6 43,787.8 40,679.5 393.7 99.949444 0.100 0.101

Apr. 07............................................... May 05 28 244,211.7 83,894.3 79,066.1 934.0 99.993000 0.090 0.091

June 02 56 173,824.6 62,921.0 59,758.1 192.1 99.985222 0.095 0.096

Apr. 09............................................... July 09 91 157,123.4 58,893.8 52,536.5 593.9 99.968403 0.125 0.127

Oct. 08 182 142,516.6 49,078.1 43,817.7 437.6 99.919111 0.160 0.162

Apr. 14............................................... May 12 28 259,352.4 93,929.9 88,594.2 975.9 99.985222 0.190 0.193

June 09 56 181,907.2 73,056.6 68,977.6 152.4 99.954889 0.290 0.294

Apr. 16............................................... July 16 91 181,489.9 62,014.7 56,019.8 613.3 99.929222 0.280 0.284

Oct. 15 182 152,001.3 52,223.1 47,016.2 395.1 99.853389 0.290 0.294

Apr. 21............................................... May 19 28 265,555.8 94,283.8 88,357.1 1,116.5 99.988333 0.150 0.152

June 16 56 215,778.2 73,332.0 69,378.1 256.3 99.976667 0.150 0.152

Apr. 23............................................... July 23 91 172,780.7 63,015.0 56,051.5 702.6 99.968403 0.125 0.127

Oct. 22 182 157,216.7 53,065.2 47,053.5 446.6 99.926694 0.145 0.147

Apr. 28............................................... May 26 28 266,653.2 93,873.1 88,086.0 1,061.3 99.993000 0.090 0.091

June 23 56 180,457.1 73,010.8 69,595.8 158.3 99.981333 0.120 0.122

Apr. 30............................................... July 30 91 176,934.3 60,838.6 55,309.5 691.5 99.969667 0.120 0.122

Oct. 29 182 159,119.5 51,231.8 46,563.8 436.4 99.924167 0.150 0.152

May. 05.............................................. June 02 28 251,031.1 93,793.3 88,092.2 911.0 99.992611 0.095 0.096

June 30 56 217,796.6 72,951.1 68,812.4 188.5 99.985222 0.095 0.096

May. 07.............................................. Aug. 06 91 185,459.3 65,585.6 58,806.4 594.0 99.972194 0.110 0.112

Nov. 05 182 157,330.4 55,747.5 50,026.9 426.1 99.934278 0.130 0.132

May. 12.............................................. June 09 28 233,209.9 83,413.6 78,736.5 946.5 99.992611 0.095 0.096

July 07 56 205,026.4 72,987.0 69,331.8 168.2 99.982889 0.110 0.112

May. 14.............................................. Aug. 13 91 193,062.0 68,891.6 61,967.8 673.9 99.968403 0.125 0.127

Nov. 12 182 165,480.0 59,049.5 53,235.4 464.8 99.921639 0.155 0.157

May. 19.............................................. June 16 28 238,233.2 83,442.7 78,526.3 1,008.1 99.993000 0.090 0.091

July 14 56 205,995.7 73,012.1 69,512.8 229.2 99.982889 0.110 0.112

May. 21.............................................. Aug. 20 91 191,595.5 71,455.9 61,740.7 665.4 99.967139 0.130 0.132

Nov. 19 182 176,327.7 61,248.7 53,122.2 503.7 99.924167 0.150 0.152

May. 26.............................................. June 23 28 223,013.0 82,694.5 78,558.9 1,048.1 99.993000 0.090 0.091

July 21 56 187,920.7 72,357.8 69,308.3 198.6 99.983667 0.105 0.106

May. 28.............................................. Aug. 27 91 186,381.1 68,171.8 61,286.2 714.2 99.967139 0.130 0.132

Nov. 27 183 166,306.4 58,433.3 52,581.1 419.6 99.918667 0.160 0.162

Jun. 02............................................... June 30 28 207,389.3 83,581.2 78,570.6 823.8 99.989889 0.130 0.132

July 28 56 204,281.7 73,134.1 68,845.6 156.4 99.979000 0.135 0.137

Jun. 04............................................... Sep. 03 91 190,651.6 68,490.5 62,228.5 748.0 99.962083 0.150 0.152

Dec. 03 182 151,611.3 58,705.4 53,423.6 476.8 99.914056 0.170 0.173

Jun. 09............................................... July 07 28 224,765.5 83,451.1 78,875.3 903.0 99.990278 0.125 0.127

Aug. 04 56 185,247.8 73,019.5 69,743.5 206.7 99.977444 0.145 0.147

Jun. 11............................................... Sep. 10 91 174,848.2 66,874.1 62,061.8 738.8 99.957028 0.170 0.172

Dec. 10 182 165,797.1 57,321.1 53,380.2 520.8 99.906472 0.185 0.188

Jun. 16............................................... July 14 28 212,832.3 73,647.6 68,493.5 1,017.7 99.989889 0.130 0.132

Aug. 11 56 175,018.8 63,126.6 59,703.7 197.4 99.975889 0.155 0.157

Jun. 18............................................... Sep. 17 91 184,895.6 67,154.3 58,748.1 808.5 99.955764 0.175 0.178

Dec. 17 182 164,627.7 60,438.5 53,268.4 544.6 99.906472 0.185 0.188

Jun. 23............................................... July 21 28 176,124.5 62,976.6 58,531.8 1,026.8 99.990278 0.125 0.127

Aug. 18 56 163,283.5 57,728.8 54,492.3 164.4 99.979000 0.135 0.137

Jun. 25............................................... Sep. 24 91 155,709.2 59,183.7 55,320.5 681.9 99.960819 0.155 0.157

Dec. 24 182 160,740.2 56,068.5 52,563.2 468.9 99.911528 0.175 0.178

Jun. 30............................................... July 28 28 156,849.4 53,265.9 48,758.6 809.9 99.991444 0.110 0.112

Aug. 25 56 139,464.0 53,265.5 48,859.3 174.7 99.978222 0.140 0.142

1 All 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 

52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity 

of 52 weeks. All 4-week bills represent additional issues of bills with an original maturity of 

8 weeks. 

September 2020 

2 Includes amount awarded to the Federal Reserve System.3 Tenders for $5 million 

or less from any one bidder are accepted in full at the high price of accepted 

competitive bids. All Treasury Marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 
45

September 2020

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5)

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

03/31/20 04/02/20 0.080% CMB—05/14/20 42d 167,417 60,000

03/31/20 04/01/20 0.070% CMB—06/09/20 69d 128,932 45,000

04/01/20 04/03/20 0.080% CMB—05/12/20 39d 138,014 45,000

04/01/20 04/02/20 0.130% CMB—07/30/20 119d 119,540 40,001

04/02/20 04/03/20 0.125% CMB—07/14/20 102d 122,269 40,000

04/02/20 04/07/20 0.150% CMB—09/08/20 154d 115,885 40,000

04/06/20 04/08/20 0.095% CMB—05/21/20 43d 189,020 60,000

04/06/20 04/15/20 0.250% note—04/15/23-AL 3y 91,102 40,132 0.348 - 99.707782 

04/07/20 04/08/20 0.135% CMB—06/16/20 69d 121,993 45,000

04/07/20 04/09/20 0.180% CMB—08/06/20 119d 109,788 40,000

04/07/20 04/15/20 1.500% note—02/15/30-B 9y 10m 60,929 25,082 0.782 - 106.783664 

04/08/20 04/09/20 0.160% CMB—05/19/20 40d 119,378 45,000

04/08/20 04/09/20 0.200% CMB—07/21/20 103d 111,606 40,000

04/08/20 04/14/20 0.250% CMB—09/15/20 154d 104,114 40,001

04/08/20 04/15/20 2.000% bond—02/15/50 29y 10m 40,039 17,056 1.325 - 116.588638 

04/13/20 04/15/20 0.270% CMB—06/23/20 69d 112,711 35,000

04/14/20 04/15/20 0.190% CMB—05/28/20 43d 202,937 65,000

04/14/20 04/16/20 0.220% CMB—08/13/20 119d 103,369 25,000

04/15/20 04/16/20 0.165% CMB—07/28/20 103d 99,621 30,000

04/15/20 04/21/20 0.190% CMB—09/22/20 154d 94,066 30,000

04/20/20 04/22/20 0.120% CMB—06/04/20 43d 187,663 65,000

04/21/20 04/23/20 0.110% CMB—08/20/20 119d 87,716 25,000

04/21/20 04/23/20 0.165% bill—04/22/21 364d 97,549 30,955

04/22/20 04/23/20 0.105% CMB—08/04/20 103d 93,008 30,000

04/22/20 04/28/20 0.135% CMB—09/29/20 154d 92,360 30,000

04/23/20 04/30/20 0.125% TIPS—04/15/25-X 5y 48,066 18,476 -0.320 - 102.366204 

04/27/20 04/30/20 0.125% note—04/30/22-AZ 2y 133,943 45,647 0.229 - 99.792594 

04/27/20 04/30/20 0.375% note—04/30/25-Y 5y 121,431 46,734 0.394 - 99.906021 

04/28/20 04/29/20 0.085% CMB—06/11/20 43d 177,092 55,001

04/28/20 04/30/20 0.114% FRN—04/30/22-BA 2y 68,272 23,911 0.114 - 100.000000 

04/28/20 04/30/20 0.500% note—04/30/27-K 7y 92,798 38,040 0.525 - 99.828398 

04/29/20 04/30/20 0.115% CMB—08/11/20 103d 91,592 30,000

04/29/20 04/30/20 0.110% CMB—08/27/20 119d 87,520 25,001

04/29/20 04/30/20 0.165% CMB—01/28/21 273d 74,413 25,000

04/30/20 05/05/20 0.140% CMB—10/06/20 154d 86,975 30,000

05/04/20 05/05/20 0.115% CMB—08/18/20 105d 100,534 30,000

05/05/20 05/07/20 0.115% CMB—06/18/20 42d 178,384 65,000

05/05/20 05/07/20 0.130% CMB—09/03/20 119d 101,400 30,000
46 

September 2020

Continued PDO-2: 

05/06/20 05/12/20 0.150% CMB—10/13/20 154d 101,943 35,000

05/07/20 05/12/20 0.125% CMB—08/25/20 105d 90,099 30,000

05/11/20 05/15/20 0.125% note—05/15/23-AM 3y 129,084 64,212 0.230 - 99.686264 

05/12/20 05/14/20 0.110% CMB—06/25/20 42d 190,583 65,001

05/12/20 05/14/20 0.145% CMB—09/10/20 119d 118,252 35,001

05/12/20 05/15/20 0.625% note—05/15/30-C 10y 102,887 48,923 0.700 - 99.276869 

05/13/20 05/19/20 0.140% CMB—09/01/20 105d 122,801 35,000

05/13/20 05/19/20 0.155% CMB—10/20/20 154d 118,961 40,000

05/13/20 05/15/20 1.250% bond—05/15/50 30y 62,265 33,635 1.342 - 97.734134 

05/19/20 05/21/20 0.105% CMB—07/02/20 42d 188,502 65,000

05/19/20 05/21/20 0.140% CMB—09/17/20 119d 123,878 40,002

05/19/20 05/21/20 0.160% bill—05/20/21 364d 106,519 35,161

05/20/20 05/26/20 0.140% CMB—09/08/20 105d 121,585 40,001

05/20/20 05/26/20 0.150% CMB—10/27/20 154d 117,167 40,001

05/20/20 06/01/20 1.125% bond—05/15/40 20y 52,729 22,100 1.220 - 98.321703 

05/21/20 05/29/20 0.125% TIPS—01/15/30-A 9y 8m 28,737 12,000 -0.470 - 106.232149 

05/26/20 05/28/20 0.120% CMB—07/09/20 42d 184,267 65,001

05/26/20 06/01/20 0.125% note—05/31/22-BB 2y 122,669 48,619 0.178 - 99.894379 

05/27/20 06/02/20 0.165% CMB—09/15/20 105d 122,420 40,000

05/27/20 05/28/20 0.170% CMB—09/24/20 119d 109,816 40,000

05/27/20 05/28/20 0.180% CMB—02/25/21 273d 79,271 25,000

05/27/20 05/29/20 0.114% FRN—04/30/22-BA 1y 11m 62,315 20,000 0.098 - 100.031070 

05/27/20 06/01/20 0.250% note—05/31/25-Z 5y 107,514 49,724 0.334 - 99.584056 

05/28/20 06/02/20 0.170% CMB—11/03/20 154d 126,491 40,000

05/28/20 06/01/20 0.500% note—05/31/27-L 7y 100,800 41,989 0.553 - 99.636717 

06/02/20 06/04/20 0.135% CMB—07/16/20 42d 184,157 65,002

06/02/20 06/04/20 0.165% CMB—10/01/20 119d 124,185 40,001

06/03/20 06/09/20 0.170% CMB—09/22/20 105d 130,141 40,000

06/03/20 06/09/20 0.180% CMB—11/10/20 154d 124,527 40,000

06/08/20 06/15/20 0.250% note—06/15/23-AN 3y 112,626 44,626 0.280 - 99.910439 

06/09/20 06/11/20 0.165% CMB—07/23/20 42d 162,171 60,000

06/09/20 06/11/20 0.185% CMB—10/08/20 119d 132,065 40,000

06/09/20 06/15/20 0.625% note—05/15/30-C 9y 11m 66,065 29,412 0.832 - 98.033536 

06/10/20 06/16/20 0.180% CMB—09/29/20 105d 122,334 35,001

06/10/20 06/16/20 0.190% CMB—11/17/20 154d 118,154 40,001

06/11/20 06/15/20 1.250% bond—05/15/50 29y 11m 43,985 19,270 1.450 - 95.158932 

06/16/20 06/18/20 0.150% CMB—07/30/20 42d 141,076 50,001

06/16/20 06/18/20 0.180% CMB—10/15/20 119d 134,612 40,000

06/16/20 06/18/20 0.200% bill—06/17/21 364d 102,969 38,054

06/17/20 06/23/20 0.170% CMB—10/06/20 105d 113,804 35,001

06/17/20 06/23/20 0.185% CMB—11/24/20 154d 128,745 40,001

06/17/20 06/30/20 1.125% bond—05/15/40 19y 11m 47,072 19,325 1.314 - 96.702809 

06/18/20 06/30/20 0.125% TIPS—04/15/25-X 4y 10m 43,810 17,052 -0.766 - 103.608385 

06/23/20 06/25/20 0.125% CMB—08/06/20 42d 127,959 40,001

06/23/20 06/25/20 0.155% CMB—10/22/20 119d 133,271 40,001

06/23/20 06/25/20 0.180% CMB—03/25/21 273d 70,649 20,000

06/23/20 06/30/20 0.125% note—06/30/22-BC 2y 119,341 52,292 0.193 - 99.864327 

06/24/20 06/30/20 0.150% CMB—10/13/20 105d 100,462 30,001
47

September 2020

Continued PDO-2: 

06/24/20 06/30/20 0.165% CMB—12/01/20 154d 112,721 35,001

06/24/20 06/26/20 0.114% FRN—04/30/22-BA 1y 10m 63,115 20,000 0.080 - 100.063394 

06/24/20 06/30/20 0.250% note—06/30/25-AA 5y 127,502 53,428 0.330 - 99.603606 

06/25/20 06/30/20 0.500% note—06/30/27-M 7y 107,643 46,608 0.511 - 99.924456 

1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2 From date of additional issue in case of a reopening. 

3 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
48

September 2020 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
 OWNERSHIP OF FEDERAL SECURITIES 49 

September 2020 

TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

End of

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues 

held by Federal 

Reserve banks 

(6) 

 Total 

 outstanding 

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860

2019 ................................................ 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438 

2019 - June ..................................... 22,045,280 22,023,283 5,818,564 - 5,818,564 2,452,784 

July ...................................... 22,044,255 22,022,369 5,795,177 - 5,795,177 2,416,844 

Aug ...................................... 22,482,155 22,460,467 5,847,510 - 5,847,510 2,424,708 

Sept..................................... 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438 

Oct....................................... 23,029,685 23,008,410 6,010,478 - 6,010,478 2,492,572 

Nov ...................................... 23,097,400 23,076,199 5,953,691 - 5,953,691 2,560,109 

Dec ...................................... 23,222,591 23,201,380 6,013,988 - 6,013,988 2,637,320 

2020 - Jan ...................................... 23,708,055 23,686,871 5,994,397 - 5,994,397 2,713,573 

Feb ...................................... 23,430,714 23,409,959 5,980,003 - 5,980,003 2,787,019 

Mar ...................................... 23,244,893 23,223,813 5,995,035 - 5,995,035 3,559,553 

Apr....................................... 24,995,281 25,746,260 5,902,393 - 5,902,393 4,300,244 

May...................................... 25,766,665 24,974,172 5,914,931 - 5,914,931 4,497,502 

June..................................... 26,498,260 26,477,241 5,928,866 - 5,928,866 4,615,353 

Public debt securities, continued Agency securities1 

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1

2018 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 - 

2019 ................................................ 22,719,402 16,347,340 478,637 21,455 21,455 - 

2019 - June ..................................... 13,751,935 13,478,115 273,819 21,997 21,997 - 

July ...................................... 13,585,395 13,393,594 259,051 21,886 21,886 - 

Aug ...................................... 14,074,636 13,605,527 466,650 21,688 21,688 - 

Sept..................................... 14,378,700 13,810,667 478,637 21,455 21,455 - 

Oct....................................... 14,505,360 14,021,552 483,808 21,275 21,275 - 

Nov ...................................... 14,562,399 14,067,636 494,763 21,201 21,201 - 

Dec ...................................... 14,550,072 14,044,816 505,256 21,211 21,211 - 

2020 - Jan ...................................... 14,515,843 14,006,429 509,414 21,184 21,184 - 

Feb ...................................... 14,642,937 14,131,506 511,431 20,755 20,755 - 

Mar ...................................... 14,132,283 13,603,254 529,029 21,080 21,080 - 

Apr....................................... 14,771,535 14,235,360 536,175 21,109 21,109 - 

May...................................... 15,333,827 14,734,537 599,290 20,405 20,405 - 

June..................................... 15,933,022 15,290,612 642,410 21,019 21,019 - 

Note—Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System. 
50

September 2020 

TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities 

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Federal 

Reserve and 

Government

accounts 2

(2) 

Pension funds 3

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

2020 - June 26,477.4 10,157.7 16,319.6 - 149.8 - - - - - -

 Mar 23,686.9 9,279.7 14,407.2 948.7 150.0 818.5 417.3 243.6 2,503.7 724.3 6,810.3 1,790.9 

2019 - Dec. 23,201.4 8,359.9 14,841.5 937.5 151.3 732.3 383.3 215.3 2,350.6 711.5 6,690.8 2,669.0 

 Sept. 22,719.4 8,023.6 14,695.8 911.7 152.3 726.8 384.6 214.3 2,217.3 681.4 6,773.4 2,634.0 

 June 22,023.5 7,945.2 14,078.4 810.0 153.4 504.8 399.6 206.4 1,951.2 668.1 6,625.9 2,759.0 

 Mar. 22,028.0 7,999.1 14,028.9 771.3 154.5 478.2 390.6 203.6 2,058.3 688.5 6,474.0 2,809.8 

2018 - Dec. 21,974.1 8,095.0 13,879.1 771.5 155.7 670.9 372.8 203.7 2,023.3 691.3 6,270.1 2,719.7 

 Sept. 21,516.1 8,068.1 13,447.9 683.9 156.8 644.0 304.7 225.9 1,898.2 720.4 6,225.9 2,588.3 

 June 21,195.3 8,106.9 13,088.5 665.3 157.8 622.5 307.3 225.6 1,843.4 726.2 6,225.0 2,315.4 

 Mar. 21,089.9 8,086.6 13,003.3 639.7 159.0 597.7 300.1 361.6 1,977.1 712.4 6,223.4 2,032.3 

2017 - Dec. 20,492.7 8,132.1 12,360.6 638.3 160.4 432.0 289.4 372.6 1,797.5 732.5 6,211.3 1,726.7 

 Sept. 20,244.9 8,036.9 12,208.0 611.8 161.7 570.8 266.5 359.4 1,697.8 714.8 6,301.9 1,523.4 

 June 19,844.6 7,943.4 11,901.1 621.9 162.8 425.9 262.8 348.2 1,608.5 735.1 6,151.9 1,584.0 

 Mar. 19,846.4 7,941.1 11,905.3 658.6 164.2 444.2 239.5 338.2 1,669.1 749.5 6,075.3 1,566.6 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.9 165.8 538.0 218.8 330.2 1,705.4 742.7 6,006.3 1,600.3 

 Sept. 19,573.4 7,863.5 11,709.9 627.6 167.5 545.6 203.8 341.2 1,600.4 735.2 6,155.9 1,332.7 

 June 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 329.8 1,434.2 712.6 6,279.1 1,242.2 

 Mar. 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 315.5 1,404.1 695.0 6,284.4 1,336.5 

2015 - Dec. 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 306.7 1,318.3 681.1 6,146.2 1,360.4 

 Sept. 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 306.6 1,195.1 646.0 6,105.9 1,240.2 

 June 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 304.3 1,139.8 652.8 6,163.1 1,103.5 

 Mar. 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 305.1 1,170.4 663.3 6,172.6 1,001.8 

2014 - Dec. 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 307.0 1,121.8 654.5 6,157.7 922.4 

 Sept. 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 298.1 1,075.8 628.7 6,069.2 924.1 

 June 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 287.7 986.2 638.8 6,018.7 972.1 

 Mar. 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 276.8 1,060.4 632.0 5,948.3 1,177.0 

2013 - Dec. 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 271.2 983.3 633.6 5,792.6 1,319.5 

 Sept. 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 273.2 986.1 624.3 5,652.8 1,359.1 

 June 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 276.2 1,000.1 612.6 5,595.0 1,367.8 

 Mar. 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec. 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept. 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar. 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 

2011 - Dec. 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4 

 Sept. 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8 

 June 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1 

 Mar. 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1 

2010 - Dec. 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9 

 Sept. 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4 

 June 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1 

 Mar. 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1 

1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors 

-
51 

September 2020 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, June 30, 2020

[Source: Bureau of the Fiscal Service]

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $2,125,577,165,727 $2,075,796,091,059 $2,075,321,001,605 $238,997,666 $236,091,788

Less amounts held by: 

The Treasury....................................... 131,578,495 56,043,074 55,824,337 7,505 211,232

FRBs ................................................... 155,488,775,883 154,016,949,290 154,016,919,508 4 29,778

Amounts in circulation............................. $1,969,956,811,349 $1,921,723,098,695 $1,921,248,257,760 $238,990,157 $235,850,778

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $49,781,074,668 6,547,064,108 43,234,010,560 

Less amounts held by: 

The Treasury....................................... 75,535,421 48,770,000 26,765,421 

FRBs ................................................... 1,471,826,593 1,063,793,919 408,032,674 

Amounts in circulation .............................

$48,233,712,654 $5,434,500,189 $ 42,799,212,465 

See footnotes following table USCC-2. 
September 2020

52 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2020

[Source: Bureau of the Fiscal Service]

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $12,932,747,433 $12,793,047,576 $143,503 $139,556,354 

$2 ................................................................................ 2,677,277,412 2,545,835,524 131,429,314 12,574 

$5 ................................................................................ 15,929,707,650 15,799,872,000 107,396,110 22,439,540 

$10 .............................................................................. 22,229,420,920 22,209,660,310 6,300 19,754,310 

$20 .............................................................................. 228,768,089,680 228,747,985,800 3,840 20,100,040

$50 .............................................................................. 106,204,656,800 106,193,165,550 500 11,490,750 

$100 ............................................................................ 1,532,669,088,200 1,532,647,125,500 - 21,962,700 

$500 ............................................................................ 141,749,000 141,562,500 5,500 181,000 

$1,000 ......................................................................... 165,146,000 164,943,000 5,000 198,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $ 1,921,723,098,695 $1,921,248,257,760 $ 238,990,157 $ 235,850,778 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

June 30, 2020......................................................................... 1,969,957 5,970

May 31, 2020.......................................................................... 1,948,716 5,908

April 30, 2020......................................................................... 1,911,711 5,798

Sept 30, 2015......................................................................... 1,387,552 4,310

Sept 30, 2010......................................................................... 954,719 3,074

Sept 30, 2005......................................................................... 766,487 2,578

Sept 30, 2000......................................................................... 568,614 2,061

Sept 30, 1995......................................................................... 409,272 1,553

Sept 30, 1990......................................................................... 278,903 1,105

Sept 30, 1985......................................................................... 187,337 782

Sept 30, 1980......................................................................... 129,916 581

June 30, 1975......................................................................... 81,196 380

June 30, 1970......................................................................... 54,351 265

June 30, 1965......................................................................... 39,719 204

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
Foreign Currency Positions

Exchange Stabilization Fund

55 

September 2020 

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 

The data reported herein may occasionally differ with 

respect to time periods noted in prior issues of this Bulletin 

due to revisions from reporting market participants that arise 

from quality assurance controls. 
56 FOREIGN CURRENCY POSITIONS 

September 2020 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

12/31/19 ................................................................. 1,691,670 1,850,228 -134 1.2962

01/08/20 ................................................................. 1,776,513 1,909,453 -125 1.3026

01/15/20 ................................................................. 1,731,909 1,844,014 -176 1.3040

01/22/20 ................................................................. 1,746,044 1,841,630 -189 1.3135

01/29/20 ................................................................. 1,779,759 1,878,022 -246 1.3201

02/05/20 ................................................................. 1,740,611 1,831,210 -267 1.3294

02/12/20 ................................................................. 1,761,477 1,865,134 -248 1.3243

02/19/20 ................................................................. 1,741,104 1,829,473 -197 1.3232

02/26/20 ................................................................. 1,778,349 1,848,145 -242 1.3321

03/04/20 ................................................................. 1,896,844 1,963,425 -213 1.3425

03/11/20 ................................................................. 2,016,252 2,074,238 -186 1.3748

03/18/20 ................................................................. 1,736,623 1,813,929 125 1.4529

03/25/20 ................................................................. 1,779,164 1,839,419 166 1.4333

04/01/20 ................................................................. 1,868,537 1,919,348 208 1.4222

04/08/20 ................................................................. 1,780,615 1,844,142 25 1.4015

04/15/20 ................................................................. 1,781,515 1,852,025 40 1.4105

04/22/20 ................................................................. 1,738,226 1,802,541 67 1.4132

04/29/20 ................................................................. 1,783,457 1,853,981 -84 1.3936

05/06/20 ................................................................. 1,765,786 1,831,897 -5 1.4143

05/13/20 ................................................................. 1,778,812 1,841,731 -119 1.4089

05/20/20 ................................................................. 1,758,085 1,820,190 -157 1.3911

05/27/20 ................................................................. 1,764,494 1,827,922 -241 1.3786

06/03/20 ................................................................. 1,788,068 1,849,410 -240 1.3489

06/10/20 ................................................................. 1,847,186 1,898,234 -265 1.3388

06/17/20 ................................................................. 1,560,311 1,612,128 -189 1.3570

06/24/20 ................................................................. 1,581,970 1,637,957 -188 1.3601
FOREIGN CURRENCY POSITIONS 

September 2020 

57

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2017 - Dec................... 1,486,798 1,561,949 288,642 241,105 46,583 40,354 70,598 67,895 -29 1.2517 

2018 - Dec................... 1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644 

2019 - July................... 2,101,493 2,197,443 276,799 182,462 58,534 50,862 87,426 79,284 -78 1.3143 

Aug .................. 2,225,830 2,308,280 248,334 197,340 53,891 47,801 88,109 81,851 -30 1.3290 

Sept................. 1,923,578 1,994,423 250,947 185,015 51,543 46,348 75,631 67,715 -95 1.3243 

Oct................... 2,057,220 2,131,221 294,434 184,124 53,572 50,260 77,479 69,186 -163 1.3144 

Nov .................. 1,939,930 2,009,440 291,921 n.a. 53,563 49,493 70,349 68,590 -141 1.3291 

Dec .................. 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 

2020 – Jan. ................. 1,779,799 1,849,366 413,962 n.a. 47,493 46,346 69,306 63,548 -171 1.3220 

Feb .................. 1,932,800 2,010,357 440,202 n.a. 57,471 52,991 86,169 83,187 -203 1.3411 

Mar .................. 1,865,276 1,922,160 252,425 n.a. 71,395 60,722 103,975 97,906 283 1.4123 

Apr................... 1,841,130 1,910,795 258,951 n.a. 69,158 57,720 105,000 100,201 -70 1.3911 

May.................. 1,819,304 1,878,733 270,223 n.a. 68,144 56,195 94,046 96,715 -157 1.3809 

June................. 1,580,213 1,639,903 252,213 n.a. 65,025 53,887 94,868 98,647 -189 1.3614 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2017 - Dec................... 33,411 65,839 131,559 88,031 534 483 n.a. 1,372 n.a. 1.2517

2018 - Mar................... 30,951 67,926 138,067 96,580 1,522 1,210 1,761 n.a. -374 1.2891

June ................. 35,482 69,299 150,243 n.a. 920 1,052 3,455 2,751 n.a. 1.3140

Sept.................. 36,139 66,217 154,540 107,071 608 493 2,173 n.a. n.a. 1.2922

Dec................... 29,734 61,026 139,329 98,110 696 346 3,017 1,941 18 1.3644 

2019 - Mar................... 28,444 61,318 135,230 n.a. 326 276 2,650 471 2 1.3360 

June ................. 35,369 66,869 140,156 n.a. 1,254 661 n.a. 427 n.a. 1.3091

Sept.................. 37,713 70,957 132,318 n.a. 527 393 n.a. 653 -2 1.3243 

Dec................... 33,978 67,381 127,806 n.a. 449 352 n.a. 463 -5 1.2962 

2020 - Mar................... 28,426 69,567 119,045 n.a. 284 541 3,492 1,611 n.a. 1.4123
58 FOREIGN CURRENCY POSITIONS 

September 2020 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

12/31/19 .................................................................. 524,470 529,878 n.a. 108.67

01/08/20 .................................................................. 547,320 554,535 n.a. 109.03

01/15/20 .................................................................. 525,473 531,532 n.a. 109.94

01/22/20 .................................................................. 520,092 524,992 n.a. 109.93

01/29/20 .................................................................. 536,066 543,626 n.a. 109.15

02/05/20 .................................................................. 538,441 549,039 n.a. 109.74

02/12/20 .................................................................. 538,711 546,782 n.a. 110.00

02/19/20 .................................................................. 524,224 532,080 n.a. 111.17

02/26/20 .................................................................. 545,100 552,972 n.a. 110.36

03/04/20 .................................................................. 566,615 574,614 -67 107.34

03/11/20 .................................................................. 602,867 607,311 -30 104.81

03/18/20 .................................................................. 571,427 576,003 -13 108.45

03/25/20 .................................................................. 579,672 581,966 -30 111.43

04/01/20 .................................................................. 594,569 595,267 -26 107.05

04/08/20 .................................................................. 570,507 570,731 -17 108.70

04/15/20 .................................................................. 557,921 557,788 -37 107.42

04/22/20 .................................................................. 551,009 549,998 -39 107.81

04/29/20 .................................................................. 582,806 582,981 -58 106.67

05/06/20 .................................................................. 616,344 614,610 -55 106.07

05/13/20 .................................................................. 566,856 567,497 -58 106.92

05/20/20 .................................................................. 550,472 551,861 -58 107.46

05/27/20 .................................................................. 554,947 554,704 -59 107.79

06/03/20 .................................................................. 567,440 568,109 -78 108.88

06/10/20 .................................................................. 591,905 592,561 -75 107.25

06/17/20 .................................................................. 548,020 547,141 -73 107.26

06/24/20 .................................................................. 552,458 556,048 -72 106.83
FOREIGN CURRENCY POSITIONS 

September 2020 

59

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2017 - Dec.................. 504,078 520,500 122,567 108,990 24,449 23,590 46,603 47,891 -88 112.69 

2018 - Dec.................. 563,910 575,977 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70 

2019 - July.................. 605,719 615,544 102,858 80,246 35,056 35,194 54,776 55,999 48 108.58 

Aug ................. 628,311 637,786 108,280 87,354 38,487 40,331 59,132 59,722 61 106.30 

Sept................ 625,867 633,319 121,970 89,358 34,556 36,283 56,576 57,269 25 108.11 

Oct.................. 627,992 631,273 109,504 84,894 32,649 33,934 54,940 56,034 9 108.09

Nov ................. 595,565 595,977 102,084 84,652 32,666 35,307 51,103 54,503 -35 109.47 

Dec ................. 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 

2020 – Jan. ................ 535,693 543,117 87,022 72,337 31,814 33,768 48,528 52,024 -18 108.50

Feb ................. 576,326 583,699 97,443 86,210 35,640 37,364 53,210 57,804 -14 108.12 

Mar ................. 589,962 590,317 92,368 80,754 40,090 41,475 59,480 64,273 34 107.53 

 Apr.................. 589,164 587,185 91,266 81,766 37,104 38,387 55,117 59,061 -1 106.94 

May................. 568,008 566,109 87,358 76,126 34,470 35,371 52,631 56,174 -29 107.77 

June................ 559,664 560,995 94,239 81,863 36,371 36,846 54,856 58,729 -42 107.77 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2017 - Dec................... 6,451 6,017 7,824 6,224 n.a. 373 537 n.a. 3 112.69

2018 - Mar................... 7,528 5,557 8,133 5,332 n.a. 568 568 312 -1 106.20 

June ................. 8,528 6,807 8,813 6,062 371 432 446 259 -4 110.71 

Sept.................. 8,632 8,294 9,056 6,455 432 518 387 145 -9 113.48

Dec................... 8,255 5,873 8,065 6,269 489 505 440 153 49 109.70 

2019 - Mar................... 7,534 6,937 9,217 6,776 276 500 423 120 3 110.68

June ................. 7,690 6,332 9,300 6,496 483 535 658 179 -38 107.84 

Sept.................. 7,663 6,731 8,406 5,728 282 428 538 126 1 108.11

Dec................... 7,228 5,937 8,548 6,220 80 280 413 130 n.a. 108.67 

2020 - Mar................... 10,934 8,233 7,869 5,718 157 308 367 122 n.a. 107.53
60 FOREIGN CURRENCY POSITIONS 

September 2020 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Exchange

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

12/31/19 ..................................................................

867,418 913,177 n.a. 0.9677

01/08/20 ..................................................................

931,966 974,557 n.a. 0.9725

01/15/20 ..................................................................

938,602 958,763 n.a. 0.9634

01/22/20 ..................................................................

916,129 951,396 n.a. 0.9696

01/29/20 ..................................................................

941,632 972,759 n.a. 0.9747

02/05/20 ..................................................................

919,961 964,694 n.a. 0.9729

02/12/20 ..................................................................

969,128 1,015,358 n.a. 0.9767

02/19/20 ..................................................................

876,270 908,562 158 0.9839

02/26/20 ..................................................................

925,263 958,391 150 0.9759

03/04/20 ..................................................................

1,039,872 1,069,041 n.a. 0.9554

03/11/20 ..................................................................

1,115,125 1,137,975 195 0.9381

03/18/20 ..................................................................

1,014,306 1,028,899 n.a. 0.9727

03/25/20 ..................................................................

973,901 983,121 n.a. 0.9781

04/01/20 ..................................................................

1,053,948 1,062,885 n.a. 0.9675

04/08/20 ..................................................................

980,191 985,211 n.a. 0.9710

04/15/20 ..................................................................

954,732 962,717 n.a. 0.9647

04/22/20 ..................................................................

944,157 948,469 n.a. 0.9711

04/29/20 ..................................................................

957,345 952,105 n.a. 0.9748

05/06/20 ..................................................................

938,066 927,400 n.a. 0.9745

05/13/20 ..................................................................

954,301 955,208 n.a. 0.9704

05/20/20 ..................................................................

923,475 922,978 n.a. 0.9649

05/27/20 ..................................................................

959,707 957,420 n.a. 0.9696

06/03/20 ..................................................................

985,427 979,018 n.a. 0.9613

06/10/20 ..................................................................

987,897 988,649 n.a. 0.9450

06/17/20 ..................................................................

863,595 868,600 n.a. 0.9512

06/24/20 ..................................................................

862,150 869,469 n.a. 0.9471
FOREIGN CURRENCY POSITIONS 

September 2020 

61

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2017- Dec.................... 802,799 840,898 108,582 88,094 46,025 44,500 79,500 79,164 139 0.9738 

2018 - Dec................... 903,658 958,551 140,373 74,358 41,440 40,908 71,023 66,935 n.a 0.9832 

2019 - July................... 1,044,955 1,110,099 95,845 65,598 45,803 43,353 81,783 78,713 n.a. 0.9902 

Aug .................. 1,176,726 1,236,996 105,921 71,538 47,361 45,022 85,064 81,028 n.a. 0.9899 

Sept................. 1,103,273 1,162,940 113,255 83,595 45,236 41,885 78,832 75,036 n.a. 0.9978 

Oct................... 1,186,354 1,244,167 108,435 76,221 46,576 44,035 80,453 76,936 n.a. 0.9868 

Nov .................. 1,097,710 1,154,485 100,072 83,838 43,442 40,613 70,070 67,115 n.a. 1.0001 

Dec .................. 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677 

2020 – Jan. ................. 994,355 1,024,500 96,193 69,982 46,513 44,284 69,965 67,047 n.a. 0.9645 

Feb .................. 1,065,027 1,097,649 89,911 68,584 47,236 45,141 65,978 63,666 n.a. 0.9671 

Mar .................. 1,063,516 1,086,862 86,798 69,394 45,839 45,627 74,146 68,087 n.a. 0.9627 

 Apr................... 1,020,472 1,019,767 88,097 69,384 48,997 47,007 69,202 63,702 n.a. 0.9669 

May.................. 1,038,532 1,034,686 86,450 68,148 50,534 47,800 73,666 67,694 n.a. 0.9618 

June................. 889,360 893,775 90,126 70,360 46,665 43,727 65,573 62,186 n.a. 0.9467 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2017 - Dec................... 13,981 15,244 137,271 21,087 n.a. n.a. n.a. n.a. n.a. 0.9738

2018 - Mar................... 16,766 16,882 n.a. 16,258 n.a. n.a. n.a. n.a. n.a. 0.9532

June ................. 16,890 20,470 142,369 20,256 447 n.a. n.a. 18 8 0.9922

Sept.................. 19,130 19,387 123,956 18,990 1,571 n.a. n.a. n.a. n.a. 0.9758

Dec................... 15,001 18,474 n.a. 21,413 n.a. n.a. n.a. n.a. n.a. 0.9832

2019 - Mar................... 15,289 18,434 116,641 17,824 n.a. n.a. 1,002 n.a. n.a. 0.9962

June ................. 14,686 23,493 111,498 16,831 n.a. n.a. n.a. n.a. n.a. 0.9758 

Sept.................. 15,812 20,811 109,705 16,410 n.a. n.a. n.a. n.a. n.a. 0.9978

Dec................... 11,427 18,227 106,458 17,008 n.a. n.a. n.a. n.a. n.a. 0.9677

2020 - Mar................... 15,821 16,893 105,660 13,668 n.a. n.a. n.a. 27 n.a. 0.9627 
62 FOREIGN CURRENCY POSITIONS 

September 2020 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

12/31/19 ..................................................................

2,778,925 3,009,213 n.a. 1.3269

01/08/20 ..................................................................

2,950,308 3,127,882 n.a. 1.3110

01/15/20 ..................................................................

2,875,596 3,033,417 -421 1.3030

01/22/20 ..................................................................

2,867,877 3,038,257 -373 1.3136

01/29/20 ..................................................................

2,910,836 3,077,868 -437 1.3012

02/05/20 ..................................................................

2,863,346 3,030,718 -461 1.3000

02/12/20 ..................................................................

2,892,775 3,061,423 -447 1.2978

02/19/20 ..................................................................

2,870,762 3,018,782 -430 1.2934

02/26/20 ..................................................................

2,924,129 3,070,966 -401 1.2921

03/04/20 ..................................................................

2,907,388 3,092,010 -405 1.2836

03/11/20 ..................................................................

3,106,742 3,296,694 -356 1.2887

03/18/20 ..................................................................

2,948,116 3,132,004 -101 1.1760

03/25/20 ..................................................................

2,952,928 3,108,909 -61 1.1763

04/01/20 ..................................................................

3,173,831 3,329,574 -131 1.2394

04/08/20 ..................................................................

2,899,517 3,056,093 -130 1.2394

04/15/20 ..................................................................

2,834,848 2,988,560 -45 1.2523

04/22/20 ..................................................................

2,829,771 2,983,175 -50 1.2332

04/29/20 ..................................................................

2,891,103 3,043,604 -78 1.2429

05/06/20 ..................................................................

2,780,726 2,928,781 -85 1.2347

05/13/20 ..................................................................

2,878,319 3,022,263 -132 1.2225

05/20/20 ..................................................................

2,807,011 2,946,629 -127 1.2257

05/27/20 ..................................................................

2,902,338 3,044,886 -142 1.2231

06/03/20 ..................................................................

2,883,064 3,045,994 -48 1.2600

06/10/20 ..................................................................

3,003,886 3,180,526 -22 1.2758

06/17/20 ..................................................................

2,743,646 2,924,888 -44 1.2526

06/24/20 ..................................................................

2,718,031 2,909,952 -85 1.2432
FOREIGN CURRENCY POSITIONS 

September 2020 

63

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2017 - Dec................... 2,423,244 2,623,676 926,696 893,568 117,539 122,752 76,952 84,254 n.a. 1.3529 

2018 - Dec................... 2,689,988 2,890,865 1,007,091 949,828 140,974 136,398 113,570 106,149 -93 1.2763 

2019 - July................... 3,370,422 3,555,791 677,303 702,622 123,623 120,031 104,045 108,105 -247 1.2220 

Aug .................. 3,427,619 3,610,873 679,368 673,894 133,180 131,394 103,300 108,108 -160 1.2166 

Sept................. 3,334,161 3,542,552 735,791 681,090 158,814 159,851 105,636 103,805 -194 1.2305 

Oct................... 3,442,433 3,632,212 732,395 709,180 235,893 238,671 130,162 129,384 -346 1.2939 

Nov .................. 3,188,022 3,372,011 697,434 607,641 182,832 185,455 121,398 113,883 -360 1.2939 

Dec .................. 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a. 1.3269 

2020 – Jan. ................. 3,085,125 3,289,926 662,147 547,746 125,856 129,034 84,291 79,450 n.a. 1.3195 

Feb .................. 3,039,361 3,222,077 695,560 595,904 108,688 109,546 85,322 80,166 -265 1.2778 

Mar .................. 3,138,105 3,315,938 694,060 606,479 112,334 109,827 90,332 83,233 -75 1.2454 

 Apr................... 2,987,286 3,160,213 662,150 555,773 88,216 85,904 77,586 70,839 -119 1.2602 

May.................. 3,003,523 3,173,289 641,487 542,145 80,616 76,412 73,891 67,743 -144 1.2320 

June................. 2,871,428 3,064,521 667,983 575,234 70,618 69,518 73,033 66,466 -156 1.2369 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10)

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2017 - Dec................... 25,399 53,184 191,984 55,362 n.a. n.a. n.a. n.a. 47 1.3529

2018 - Mar................... 30,475 53,016 199,384 59,382 981 1,011 2,162 n.a. 41 1.4027

June ................. 29,048 52,235 194,834 55,851 1,208 1,396 2,551 n.a. -26 1.3197 

Sept.................. 41,040 58,126 201,492 60,050 1,700 1,559 2,739 2,481 33 1.3053 

Dec................... 35,003 56,301 196,698 56,905 7,323 5,123 2,941 2,060 118 1.2763 

2019 - Mar................... 33,952 55,799 212,271 66,402 5,781 4,704 1,953 1,594 39 1.3032 

June ................. 32,407 58,743 204,923 61,096 1,296 1,645 1,867 1,167 -39 1.2704 

Sept.................. 37,755 64,063 206,151 61,989 2,359 3,062 3,625 3,150 70 1.2305 

Dec................... 36,992 59,850 205,225 60,119 4,306 5,083 2,783 n.a. 195 1.3269

2020 - Mar................... 36,739 63,712 204,642 72,240 2,068 1,862 1,589 1,199 128 1.2454 
64 FOREIGN CURRENCY POSITIONS 

September 2020 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

12/31/19 ................................................................ 24,534,406 23,695,633 -2,535 n.a. 

01/08/20 ................................................................ 25,513,501 24,807,530 -2,423 n.a. 

01/15/20 ................................................................ 24,922,887 24,306,647 -3,057 n.a. 

01/22/20 ................................................................ 24,990,988 24,389,674 -2,502 n.a. 

01/29/20 ................................................................ 25,822,981 25,174,370 -2,629 n.a. 

02/05/20 ................................................................ 25,681,724 24,952,557 -2,428 n.a. 

02/12/20 ................................................................ 26,071,644 25,347,579 -2,258 n.a. 

02/19/20 ................................................................ 25,378,907 24,679,636 -2,277 n.a. 

02/26/20 ................................................................ 26,442,829 25,715,448 -2,145 n.a. 

03/04/20 ................................................................ 27,371,441 26,680,677 -2,207 n.a. 

03/11/20 ................................................................ 29,003,311 28,311,274 -1,367 n.a. 

03/18/20 ................................................................ 26,479,028 25,773,327 -612 n.a. 

03/25/20 ................................................................ 26,265,073 25,652,569 -1,000 n.a. 

04/01/20 ................................................................ 27,161,446 26,588,163 -458 n.a. 

04/08/20 ................................................................ 25,837,308 25,240,983 -563 n.a. 

04/15/20 ................................................................ 25,301,978 24,744,546 -689 n.a. 

04/22/20 ................................................................ 24,938,213 24,369,934 -306 n.a. 

04/29/20 ................................................................ 25,729,037 25,164,461 -1,102 n.a. 

05/06/20 ................................................................ 25,411,892 24,771,656 -527 n.a. 

05/13/20 ................................................................ 25,424,084 24,816,323 -480 n.a. 

05/20/20 ................................................................ 25,013,628 24,391,917 -711 n.a. 

05/27/20 ................................................................ 25,598,173 24,992,312 -1,091 n.a. 

06/03/20 ................................................................ 26,047,194 25,466,169 -1,421 n.a. 

06/10/20 ................................................................ 27,199,996 26,651,401 -1,579 n.a. 

06/17/20 ................................................................ 24,519,073 23,929,119 -1,655 n.a. 

06/24/20 ................................................................ 24,352,227 23,715,606 -1,938 n.a. 
FOREIGN CURRENCY POSITIONS 

September 2020 

65

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2017 - Dec.............. 22,947,777 22,020,668 - - 1,381,708 1,385,483 1,129,488 1,104,281 -217 n.a.

2018 - Dec.............. 25,392,480 24,612,467 - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a.

2019 - July.............. 28,974,200 28,087,963 - - 1,611,605 1,564,197 1,337,246 1,303,182 -1,208 n.a.

Aug ............. 29,993,056 29,138,644 - - 1,745,063 1,661,092 1,352,157 1,352,572 -654 n.a.

Sept............ 28,535,400 27,699,856 - - 1,614,940 1,602,966 1,281,671 1,251,777 -948 n.a.

Oct.............. 29,219,092 28,474,934 - - 1,570,182 1,511,671 1,322,629 1,304,180 -1,593 n.a.

Nov ............. 28,294,453 27,624,143 - - 1,455,996 1,418,798 1,258,810 1,225,075 -2,106 n.a.

Dec ............. 24,180,933 23,475,477 - - 1,314,653 1,305,332 1,109,429 1,106,074 -1,902 n.a.

2020 – Jan. ............ 26,288,090 25,596,527 - - 1,363,899 1,380,408 1,184,501 1,148,168 -1,366 n.a.

Feb ............. 27,703,334 27,013,747 - - 1,557,226 1,587,528 1,265,035 1,237,457 -998 n.a.

Mar ............. 27,248,371 26,611,540 - - 1,630,356 1,663,835 1,366,642 1,365,870 713 n.a.

 Apr.............. 26,459,016 25,873,845 - - 1,506,705 1,536,993 1,267,422 1,277,225 -559 n.a.

May............. 26,307,968 25,702,780 - - 1,509,774 1,539,411 1,218,664 1,251,305 -792 n.a.

June............ 24,851,800 24,245,694 - - 1,519,578 1,509,168 1,211,803 1,251,072 -976 n.a.

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

 Written 

 (6) 

 Bought 

 (7) 

Written 

(8) 

2017 - Dec.................. 413,086 391,712 - - 22,767 13,886 11,689 15,952 3,468 n.a.

2018 - Mar.................. 409,805 388,908 - - 22,041 14,030 17,127 23,531 2,909 n.a.

June ................ 453,783 396,708 - - 27,521 21,915 18,996 22,059 3,559 n.a.

Sept................. 460,821 345,464 - - 23,367 20,128 14,757 15,794 3,811 n.a.

Dec.................. 424,656 368,534 - - 23,014 25,224 26,202 25,804 2,684 n.a.

2019 - Mar.................. 422,727 314,275 - - 21,089 21,385 21,276 20,719 1,955 n.a.

June ................ 443,726 335,860 - - 21,824 18,975 21,406 18,710 2,436 n.a.

Sept................. 479,635 348,368 - - 21,672 18,799 14,654 15,647 1,937 n.a.

Dec.................. 461,136 307,039 - - 14,761 16,200 15,290 16,072 2,063 n.a.

2020 - Mar.................. 474,378 321,396 - - 15,764 16,919 12,327 15,225 2,318 n.a.
66 FOREIGN CURRENCY POSITIONS 

September 2020 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

12/31/19 ............................................................................. 

6,795,811 6,921,533 -278 0.8907

01/08/20 ............................................................................. 

7,069,239 7,169,245 -342 0.8995

01/15/20 ............................................................................. 

6,887,699 6,998,443 323 0.8961

01/22/20 ............................................................................. 

6,847,269 6,897,221 -329 0.9021

01/29/20 ............................................................................. 7,085,787 7,150,283 -290 0.9088

02/05/20 ............................................................................. 

6,978,041 7,064,368 -444 0.9086

02/12/20 ............................................................................. 

7,252,172 7,346,565 -549 0.918

02/19/20 ............................................................................. 

7,046,697 7,153,757 -469 0.9264

02/26/20 ............................................................................. 

7,273,899 7,389,427 -461 0.9185

03/04/20 ............................................................................. 

7,581,651 7,690,945 -43 0.8985

03/11/20 ............................................................................. 

7,913,661 8,082,993 -72 0.8865

03/18/20 ............................................................................. 

7,604,597 7,786,177 -24 0.9231

03/25/20 ............................................................................. 

7,441,473 7,630,553 -100 0.9229

04/01/20 ............................................................................. 

7,835,470 8,023,150 -67 0.9146

04/08/20 ............................................................................. 

7,433,344 7,642,880 -125 0.9205

04/15/20 ............................................................................. 

7,248,478 7,411,320 -197 0.9167

04/22/20 ............................................................................. 

7,114,786 7,317,130 -272 0.9235

04/29/20 ............................................................................. 

7,339,180 7,534,281 -394 0.9214

05/06/20 ............................................................................. 

7,319,269 7,560,420 -555 0.9254

05/13/20 ............................................................................. 

7,367,712 7,602,530 -434 0.9228

05/20/20 ............................................................................. 

7,183,814 7,430,636 -199 0.9108

05/27/20 ............................................................................. 

7,389,491 7,646,369 -246 0.9117

06/03/20 ............................................................................. 

7,527,466 7,756,974 -150 0.8892

06/10/20 ............................................................................. 

7,856,142 8,082,091 -76 0.8807

06/17/20 ............................................................................. 

7,249,885 7,474,822 -38 0.8914

06/24/20 ............................................................................. 

7,148,858 7,362,857 -103 0.8872
FOREIGN CURRENCY POSITIONS 

September 2020 

67

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2017 - Dec................... 6,140,523 6,462,865 2,184,607 2,013,841 514,987 502,218 334,292 341,940 1,078 0.8318 

2018 - Dec................... 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 

2019 - July................... 7,902,432 8,132,971 1,797,009 2,095,980 535,896 523,093 421,509 411,597 129 0.8985 

Aug .................. 8,235,457 8,458,187 1,911,532 2,205,934 533,084 519,600 431,265 424,325 76 0.9100

Sept................. 8,125,696 8,312,707 1,935,375 2,168,336 515,802 542,956 442,940 436,676 -48 0.9170 

Oct................... 8,162,235 8,324,022 1,677,687 1,977,217 524,178 514,435 426,610 419,230 123 0.8965 

Nov .................. 7,930,985 8,061,576 1,668,964 1,620,368 497,922 478,846 365,112 357,673 -95 0.9075 

Dec .................. 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 

2020 – Jan. ................. 7,285,961 7,331,455 1,532,508 1,456,626 459,220 442,111 305,713 304,297 -127 0.9024 

Feb .................. 7,780,386 7,887,143 1,542,028 1,469,699 510,380 502,068 355,452 355,121 -195 0.9090 

Mar .................. 7,805,377 7,990,868 1,479,544 1,475,386 604,517 598,153 367,595 362,819 215 0.9078

 Apr................... 7,637,602 7,811,742 1,422,476 1,437,799 530,015 538,550 358,952 340,364 -142 0.9146 

May.................. 7,663,178 7,864,702 1,462,033 1,513,407 524,746 529,955 351,391 333,556 -102 0.9003 

June................. 7,374,067 7,549,259 1,471,701 1,491,901 518,239 530,089 344,896 328,221 -68 0.8899 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2017 - Dec................... 132,848 141,002 424,027 221,785 7,219 5,647 6,446 3,750 1,410 0.8318 

2018 - Mar................... 121,906 133,637 438,501 239,147 7,782 8,243 11,826 7,446 n.a. 0.8117 

June ................. 127,433 149,132 420,024 228,919 9,337 9,142 15,583 10,718 -38 0.8564 

Sept.................. 148,337 150,159 420,886 233,535 6,139 6,305 13,161 7,093 n.a. 0.8604 

Dec................... 120,635 151,502 403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729 

2019 - Mar................... 111,351 142,602 389,681 221,676 6,158 6,074 12,830 8,899 n.a. 0.8906 

June ................. 137,368 150,573 409,163 240,600 7,462 6,185 8,050 4,421 n.a. 0.8792 

Sept.................. 142,508 162,134 413,057 254,046 5,672 6,230 8,463 4,999 448 0.9170 

Dec................... 117,971 153,512 413,527 235,023 5,082 4,549 6,925 4,215 n.a. 0.8907 

2020 - Mar................... 127,760 153,816 374,629 232,148 3,524 4,685 7,905 3,917 n.a. 0.9078 
68 

September 2020 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020 as Pub. Law 116-136, appropriated $500 

billion to the Exchange Stabilization Fund (ESF), which the 

Secretary of the Treasury is authorized to use to make loans, 

loan guarantees, and other investments in support of eligible 

businesses, States, and municipalities and to provide the 

subsidy amounts necessary for such loans, loan guarantees, 

and other investments in accordance with the provisions of 

the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et 

seq.). The CARES Act appropriation is used to fund the 

credit subsidy portion of loans, loan guarantees, and other 

investments authorized under section 4003 of the CARES 

Act, and the remaining portion of such disbursements is 

funded by borrowings from Treasury through the Bureau of 

Fiscal Service. This appropriated balance and borrowings 

from Treasury are held as a fund balance with Treasury until 

disbursed. 

Resources of the fund include (a) Fund Balance, which 

reflects the appropriation from the CARES Act minus the 

net credit subsidy portion of all investments and 

expenditures for administrative expenses in support of the 

CARES Act, (b) U.S. Government securities (dollar 

balances), (c) special drawing rights -SDRs, and (d) foreign 

currencies. Principal sources of income -+ or loss -- for the 

fund are profits -+ or losses -- on SDRs and foreign 

exchange, interest earned on U.S Government and foreign 

securities, SDRs, and other non-CARES Act facilities. 

 Table ESF-1 presents the assets, liabilities, and

capital of the fund. The figures are in U.S. dollars. Amounts 

and transactions pertaining to foreign currencies have been 

converted to U.S. dollars based on current exchange rates 

computed according to the accrual method of accounting. 

Investments are reported at cost. The capital account 

represents the original capital appropriated to the fund by 

Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. The additional appropriated 

capital represents the $500 billion appropriated under the 

CARES Act Sec 4003 minus transfers and expenditures. 

Conversion gains and losses are reflected in the cumulative 

net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. CARES Act related 

administrative costs incurred in connection with the loans, 

loan guarantees and other investments are accrued. 

See Table ESF-1 and ESF-2 on the following pages. 
EXCHANGE STABILIZATION FUND 69 

September 2020 

TABLE ESF-1—Balances as of Mar. 31, 2020, and June 30, 2020 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Mar. 31, 2020 

Apr. 1, 2020, 

through 

June 30, 2020 June 30, 2020 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... 500,000,000 (10,046,205) 489,953,795 

U.S. Government securities............................................. 22,687,568 (11,515,264) 11,172,304 

Special drawing rights 1 ........................................................... 50,135,749 420,577 50,556,326 

Economic Recovery Program Investments - 114,000,000 114,000,000 

Foreign exchange and securities: 

European euro ..................................................................... 11,973,767 117,471 12,091,238 

Japanese yen....................................................................... 8,693,800 (19,994) 8,673,806 

Accounts receivable................................................................. 105,793 (43,623) 62,170 

Total assets .......................................................................... 593,596,677 92,912,962 686,509,639 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 37,299 (31,546) 5,753 

Total current liabilities ...................................................... 37,299 (31,546) 5,753 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 48,198,841 384,941 48,583,782 

Debt, including accrued interest payable - 92,742,336 92,742,336 

Total other liabilities ......................................................... 53,398,841 93,127,277 146,526,118 

Capital: 

Initial Appropriated Capital Account .................................... 200,000 - 200,000 

Additional Appropriated Capital Account 500,000,000 (26,378) 499,973,622 

Net income -+ or loss -- -see Table ESF-2 .......................... 259,428 25,661 285,089 

Total capital ...................................................................... 540,160,537 (182,769) 539,977,768 

Total liabilities and capital ............................................ 593,596,677 92,912,962 686,509,639 

See footnote on the following page. 
70 

September 2020 

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Apr. 1, 2020, 

through 

June 30, 2020 

Fiscal year to date 

Oct. 1, 2019 

through 

June 30, 2020 

Income and expense 

Profit -+ or loss-- on: 

 Foreign exchange ......................................................... 278,544 386,680

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... 15,608 16,604

Interest (+) or net charges (-) on: 

 SDRs...........................................................................

 (103) 6,336

 U.S. Government Securities........................................

 3,827 166,935

 Foreign exchange........................................................

 (9,692) (28,943)

Economic Recovery Program (+) or net charges (-) on: 

 Appropriations Revenue.............................................. 

 1,378 1,378

 Administrative Expense............................................... 

. (1,673) (1,673)

 Net Interest revenue and expense............................... 

 (262,228) (262,228)

 Income for operations.................................................. 25,661 285,089

 Net income (+) or loss (-) ........................................ 25,661 285,089

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds

TRUST FUNDS 73

September 2020

INTRODUCTION: Highway Trust Fund

The Highway Trust Fund was established on the books 

of the Treasury in fiscal year 1957, according to provisions 

of the Highway Revenue Act of 1956 (Act of June 29, 1956, 

chapter 462, section 209). It has been amended and extended 

by various highway surface transportation and other acts since 

1959. The FAST Act extends through September 30, 2020, the 

authority to make expenditures from the Highway Trust Fund 

for authorized purposes. After that date, expenditures from the 

Trust Fund are authorized only to liquidate obligations made 

before that date. Any other expenditure will cause the 

cessation of deposits of highway-user taxes to the Trust Fund. 

[FAST Act § 31101, 26 U.S.C. 9503]. 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, and 

heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of the 

Treasury to Highway Account of the trust fund. These 

transfers are made twice monthly based on estimates by the 

Secretary of the Treasury, subject to later adjustments to 

reflect the amount of actual tax receipts. Amounts available 

in the fund exceeding outlay requirements are invested in noninterest-bearing public debt securities. 

The Highway Trust Fund’s Mass Transit Account is 

funded by a portion of the excise tax collections under sections 

4041 and 4081 of the IRC (title 26 United States Code). 

The funds from this account are used for expenditures in 

accordance with chapter 53 of title 49 United States Code, 

the Intermodal Surface Transportation Efficiency Act of 

1991 (Public Law 102-240), the Transportation Equity Act for 

the 21st Century (TEA-21), SAFETEA-LU, Moving Ahead for 

Progress in the 21st Century Act (MAP-21) and as amended by 

Fixing America’s Surface Transportation (FAST) Act. The 

remaining excise taxes are included in a separate account 

within the 

trust fund commonly referred to as the highway account. 

Expenditures from this account are made according to the 

provisions of various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department 

of Transportation. Other charges to the trust fund are made 

by the Secretary of the Treasury for transfer of certain taxes to 

the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund. 

In addition, the Secretary of the Treasury is required by 

26 U.S.C. 9503(d)(7) to report to specified Congressional 

Committees any estimate which he, in consultation with the 

Secretary of Transportation, makes pursuant to 26 U.S.C. 

9503(d)(1) or any determination which he makes pursuant to 

26 U.S.C. 9503(d)(2). The congressional committees are the 

Committee on Ways and Means of the House of 

Representatives, the Committee on Finance of the Senate, 

the Committees on the Budget of both Houses, the 

Committee on Transportation and Infrastructure of the 

House of Representatives, and the Committee on Environment 

and Public Works of the Senate. 
74 TRUST FUNDS

September 2020

TABLE TF-6A.—Highway Trust Fund

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. 

The 48-month revenue estimates for the highway and mass 

transit accounts, respectively, include the latest estimates 

received from Treasury’s Office of Tax Analysis for excise 

taxes, net of refunds. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2022) .......................................................................................................... 89 

less: 

Cash balance (fiscal year 2022) ..................................................................................................................................................................................... (7) 

Unfunded authorizations (fiscal year 2022) .................................................................................................................................................................... 96 

48-month revenue estimate (fiscal years 2023, 2024, 2025, and 2026) ........................................................................................................................ 148 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2022) .......................................................................................................... 32 

less: 

Cash balance (fiscal year 2022) ..................................................................................................................................................................................... (6) 

Unfunded authorizations (fiscal year 2022) .................................................................................................................................................................... 37 

48-month revenue estimate (fiscal years 2023, 2024, 2025, and 2026) ....................................................................................................................... 25 

Note—Detail may not add due to rounding. 

Reflects extension of authorized revenue collection and funding levels prescribed in P.L. 

114-94. 

Note— 48-month revenue estimate reflects FY 2021 President’s Budget projections. 
75

September 2020

Glossary

With References to Applicable Sections and Tables

Source: Bureau of the Fiscal Service

Amounts outstanding and in circulation (USCC)—Includes

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included.

Average discount rate (PDO-1, -2)—In Treasury bill auctions,

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction.

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future.

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress.

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income).

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders.

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.)

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes.

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt.

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.)

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities.

Dollar coins (USCC)—Include standard silver and nonsilver 

coins.

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b).

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued.

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually.

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 
76

September 2020

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund.

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group.

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund.

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals.

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction.

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services.

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget.

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons.

Par value—The face value of bonds or notes, including 

interest.

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.)

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees.

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.)

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs.

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York.

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays.

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily.

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate.
77

September 2020

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount.

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group.

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions.

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).

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